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After Elon Musk's announcement that he is canceling the $44 billion Twitter deal, the stock of Twitter witnessed a significant decline.
Yesterday, the stock witnessed a full gap-down opening for the second consecutive trading session as it opened at $34.60, down 6%. It fell even further as bears took over the stock.
Bulls couldn't/wouldn't resist as the stock closed at $32.67 per share, a price level the stock hadn't fallen to for almost 4 months.
RBI allows trade settlement in rupees, read more.
The main reason for backing out of the Twitter deal is said to be the company's lack of cooperation. Musk has been asking the company to give him the data based on which the company had been claiming for years that only 5% of all existing accounts on Twitter were spam/fake.
Musk had made it known that it was one of his goals to free Twitter of spam bots.
And now, finally, the world's richest man backed out of his deal to acquire the company when the company failed to give him the required data.
Twitter, on the other hand, has said that it has provided Musk with all the data he has asked for relating to all accounts. The company has slammed the billionaire, calling his withdrawal "invalid & wrongful" while announcing that it will be taking Musk to court forcing him to fulfill the agreement.
Replying to the Twitter Board's commitment to making him comply, Elon Musk tweeted a hilarious meme:
Twitter is reportedly going to file a case next week as Musk has hired legal counsel to defend himself.
Article by Aman Agarwal.
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