Twitter Accuses Musk Of Breaching The Agreement To Buy Social Media Firm

Twitter Accuses Musk Of Breaching The Agreement To Buy Social Media Firm

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Days after Elon Musk, the CEO of Tesla (TSLA) Inc, attempted to back out of the $44 billion transactions, Twitter Inc (TWTR) struck out at the world’s richest man, accusing him of knowing breaking an agreement to purchase the social media company. Shares of Twitter finished 11.3 per cent down.

Twitter wrote to Musk to clarify that, contrary to what Musk claimed in a statement on Friday, it had not violated any of the terms of the merger agreement.

Twitter insists that Musk uphold his end of the bargain, particularly when it comes to using their respective best endeavours to complete and effect the transactions the Agreement has in mind.

Musk laughed off the threat from the firm to sue him to force him to finish the sale on Monday when he launched a series of tweets making fun of Twitter and its promise to enforce the agreement in court. Early this week, Twitter intends to file a lawsuit in Delaware.

In the letter, Twitter stated that the merger agreement was still in effect and that it would move forward with the transaction.

U.S. equities fell on Monday as market players entered a weekend packed with important inflation data and the unofficial start of the second-quarter earnings season with caution due to a lack of catalysts.

All major U.S. stock indices fell as a result of market-leading growth stocks and a risk-off mood. As the corporations increase their loan loss reserves, analysts predict sharp drops in year-over-year revenues, escalating concerns about an imminent recession.

As the Federal Reserve gets closer to its policy meeting next week, which is anticipated to result in the second consecutive interest rate hike, a plethora of economic data will give the degree to which inflation has peaked, and the economy has calmed down.

As investors get ready for new inflation data and corporate profits that may be perceived as potentially affecting the Federal Reserve’s route forward for interest-rate rises, both global equities and U.S. bond yields declined on Monday.

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