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- Twitter shares dropped by 6.6% after Musk called off Twitter’s $42 billion acquisition deal.
- Twitter has filed a lawsuit against Musk for not completing the merger agreement.
- Musk feels Twitter’s bot issue is annoying and therefore, has terminated the deal.
Twitter shares dropped by 6.6%. In the premarket trading after Musk announced to terminate Twitter’s $42 billion acquisition deal. The concerns regarding any kind of legal action on the firm could be the major reason. At the time of writing, the stock was trading at approx $34.40 on the New York Stock Exchange.
Due to the issue regarding bots, Musk has called off the deal. However, Twitter is trying its best to keep the deal. Since the talks about the deal started, Musk in several instances has inquired about the accurate data about the bots on the platform. Twitter claims that there are only 5% of bots present on its platform. Musk however does not believe the microblogging site. According to Musk, there are at least 20% bots on the platform. Meanwhile, a report claims that half of Musk’s followers are bots.
Last week Twitter requested a Delaware court to ask Musk to complete the merger agreement. Twitter filed a lawsuit against Musk. It contains a long list of violations of the merger agreement apparently done by Musk.
In other news, Elon Musk has long shooted at the crypto king Bitcoin. The risky bet that seemed to have paid well in 2021 might turn sour this year. The crypto market is experiencing Fed-Induced bearish trends. Almost all cryptocurrencies have suffered a drop in their value. In February 2021, Elon Musk’s group announced the purchase of 43,200 BTCs worth $1.5 billion. Last check revealed Tesla’s BTC portfolio had dropped to $829 million. Recently, Musk, being an ardent supporter, said that he will again buy DOGE despite its value loss. However, the Tesla CEO said nothing about BTC.
Musk, the richest man in the world, has always supported the popular meme-token, Dogecoin. His half-a-line tweets have significantly influenced the value of DOGE. At the time of writing, DOGE was trading at $0.05987, down 2.61% in the past 24 hours.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
