Twitter’s ownership is again in the news as Elon Musk denies carrying on with the merger agreement blaming breached provisions after which a legal tussle is expected between the billionaire and Twitter.
Elon Musk said that due to a breach of multiple provisions in the twitter-tesla merger agreement he was terminating $44 billion deal whereas Twitter’s Chairmen Bret Taylor has said that he would pursue legal action for the enforcement of the merger agreement.
Musk’s lawyers have said that it appeared as in the merger agreement, false and misleading presentations were made therefore twitter has been involved in the agreement breach. Musk has also stated that firing high-ranking executives along with one-third of the talent acquisition team has caused a breach of twitter’s obligation.
Twitter in a row of legal scenarios has been expecting the court proceedings to start within a few weeks, media has reported.
On the other side, twitter’s shares that started a surge after Musk took a stake in the company now have gone down six percent at $34.58 in trading.
