As billions are wiped of the value of the social media giant, its battle with the world's richest man is likely to provide plenty of drama - but the owners of Twitter's stock could be the ones who truly suffer
Shares in Twitter had already fallen nearly 30% since Musk’s bid on 25 April to 8 June, hitting $36.80. They have never reached the $54.20 that Musk bid for the firm since he made the offer, and with uncertainty about the firm’s future all but guaranteed in the short-term, the share price is likely to remain volatile.
Twitter is expected to file a legal claim against Musk later this week. The court may grant it the $1bn break fee included in the deal but may not force Musk to buy the firm. Some experts suggest this latter, potentially more widely damaging outcome, could be the one that transpires. With Twitter’s $1.2 billion first-quarter revenues missing analysts’ estimates, all eyes will be on this month’s second-quarter update to see how the underlying business is doing and what impact the Musk saga is having on the firm.Andrew Ross Sorkin, in 2001, a judge ruled that the poultry giant, which was then the nation’s largest beef processor. Tyson said it was unaware of accounting probems at IBP. But IBP said that Tyson was just having “buyer’s remorse”.
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