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Musk's legal jeopardy lifts Twitter's stock [1]

['Jason Weisberger']

Date: 2022-07-13

As the market realizes things like Twitter never lied to Elon Musk, Musk waived his rights to due diligence, and courts rarely let people out of contracts with a really good reason, Twitter's price per share has picked up. The $1B breakup fee is perhaps the least of Musk's worries.

Deadline:

Twitter stock has emerged from the depths, rallying 6% after it sued Elon Musk for bailing on his $44 billion deal to buy the company.

The lawsuit filed yesterday in Delaware Chancery Court, beyond being a fun read, shows the company is going in "with an iron fist and a clear upper hand," Wedbush Securities big tech analyst Daniel Ives tells Deadline. He's been following the Twitter-Musk saga closely and anticipates a Game of Thrones-like battle but one that could well go Twitter's way. The rising stock price reflects Wall Street starting to build in punitive damages or a settlement well north of the $1 billion breakup fee, or possibly the original sale. The latter, however, might test the court's enforcement power.

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[1] Url: https://boingboing.net/2022/07/13/musks-legal-jeopardy-lifts-twitters-stock.html

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