Twitter lawyers intend to reach a deal with Musk
It is reported that the social media platform Twitter is going to file a lawsuit against Telsa CEO Elon Musk this week after he announced on July 8 his intention to withdraw from the deal to acquire the social media giant worth $ 44 billion.
On July 10, Bloomberg reported that the company has hired the corporate law firm Wachtell, Lipton, Rosen & Katz and will take the case to the Chancery Court of Delaware, a trial court without a jury that deals with corporate law in Delaware.
However, it is unclear whether the potential lawsuit will end with Musk eventually buying the platform either at a previously agreed price, at a revised price, or not at all.
Last week, Twitter chairman Bret Taylor vowed to sue Musk for trying to pull out of the deal, saying the board is "committed to closing the deal" as previously agreed and plans to sue "to enforce the merger agreement.""
However, some believe that Musk's decision to terminate the deal may just be another tactic to renegotiate the terms of an expensive agreement.
Julian Klimochko, founder and CEO of Accelerate Financial, told his 24,200 Twitter followers on July 8 that a negotiated settlement would be "the most likely outcome."
The billionaire made a deal to buy Twitter at a price of $54.20 per share on April 25, but since then the platform's share price has fallen by 32.1%, to $36.81 per share at the time of writing.
Musk also has the option to exit the deal, but according to an initial Securities and Exchange Commission filing on April 25, he will have to pay a "termination fee" of $1 billion
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