It has been obvious, almost since the ink dried on his contract to buy Twitter for $US44 billion that Elon Musk was looking for ways to either reduce the price or walk away from the deal.and to try to save more than $US10 billion of his net worth. The reason for Musk’s change of heart lies in what’s happened in the market, and to his own wealth, since he agreed to pay $US54.20 a share for Twitter in early April.
Given that Musk was personally on the hook for the $US33.
Musk signed a deal with very limited escape clauses and made an easy exit from it even more difficult by declaring back in April that: “I don’t care about the economics at all.” Lawyers in the US have said it is almost, albeit not quite, without precedent that the courts would allow a merger agreement to be torn up.Musk is a most unusual and eccentric character, however, unafraid to thumb his nose at authority.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Twitter to sue Elon Musk after abandoning takeover dealSEC will be jailing Twitters executives for lying.I doubt he cares. I would still put my money on Musk to win. want to see me without a bra?
Source: SkyNewsAust - 🏆 7. / 78 Read more »
The Elon Musk Twitter paradoxInvestors are divided about whether Elon Musk’s move to pull out of his Twitter takeover is a case of market capitulation, or a sign that equity markets are likely to remain depressed.
Source: FinancialReview - 🏆 2. / 90 Read more »
Elon Musk may have to complete $44bn Twitter takeover, legal experts sayTesla chief wants to terminate deal but he could be compelled to go through with it or pay a break fee Please, no.
Source: GuardianAus - 🏆 1. / 98 Read more »
Elon Musk withdraws $44bn bid to buy Twitter after weeks of high dramaWalking away will not be easy for the world’s richest man, as Twitter says it will sue to keep deal alive Drama he stokes to keep his share prices inflated. What a shock. Not. I only have so much disdain and hatred to go around without another prime recipient to enter the draw
Source: GuardianAus - 🏆 1. / 98 Read more »
Timeline: Elon Musk’s abandoned Twitter takeoverFrom the billionaire’s initial disclosure of his Twitter stake to his withdrawal of takeover bid
Source: GuardianAus - 🏆 1. / 98 Read more »
Elon Musk withdraws $44bn bid to buy Twitter after weeks of high dramaWalking away will not be easy for the world’s richest man, as Twitter says it will sue to keep deal alive Drama he stokes to keep his share prices inflated. What a shock. Not. I only have so much disdain and hatred to go around without another prime recipient to enter the draw
Source: GuardianAus - 🏆 1. / 98 Read more »