Twitter shares fall after Musk formally announces termination of Twitter acquisition
On April 26 this year, Musk and Twitter reached an acquisition agreement. Musk will acquire Twitter for $54.20 per share in cash, with a total transaction value of about $44 billion.
But on July 9, Musk announced that it was terminating the deal, citing Twitter’s serious breaches of multiple terms of the agreement, including the issue of fake accounts. Subsequently, Twitter took Musk to court, asking Musk to continue to implement the previous acquisition agreement.
On July 29, a Delaware judge announced that Twitter’s case against Musk will be heard from October 17 to 21.
As of press time, Twitter was down about 3% in pre-market trading, and Tesla was up more than 2% in pre-market trading.