Twitter shares tumble after Elon Musk ends $44B deal
Musk said he plans to terminate his $44 billion deal to buy Twitter
Kaltbaum Capital Management Gary Kaltbaum said 'the party is over' following Elon Musk's decision to terminate Twitter deal on 'Fox Business Tonight.'
Twitter shares tumbled Monday following news that billionaire Elon Musk planned to walk away from his deal to purchase the company for $44 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | NO DATA AVAILABLE | - | - | - |
Musk's attorney informed Twitter last week that the Tesla CEO was terminating the deal to purchase the social media giant. Musk alleges that Twitter appears to have "made false and misleading representations" regarding the platform, particularly how it handles spam accounts.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 339.64 | -2.39 | -0.70% |
"For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,'" Musk's lawyer wrote Friday.
Elon Musk’s Twitter account is displayed on the screen of an iPhone in front of the homepage of the Twitter website. (Chesnot/Getty Images / Getty Images)
ELON MUSK TWITTER SILENCE REACHES 9 DAYS
"This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr. Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business," he added.
"Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information," the lawyer continued.
In a series of tweets on Monday, Musk suggested Twitter will be forced to hand over the relevant information during court proceedings.
Musk appeared to compare his legal skills to those of Chuck Norris.
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Twitter shares closed at $36.81 per share on Friday, sharply lower than Musk's $54.20 per-share offer.