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Twitter stock sinks as Musk mocks lawsuit threat
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Twitter logo and Elon Musk's Twitter profile displayed on a screen, April 14, 2022. /CFP

Twitter logo and Elon Musk's Twitter profile displayed on a screen, April 14, 2022. /CFP

Twitter shares plunged Monday as Elon Musk issued a mocking, defiant commentary about a looming court battle after he ditched a $44-billion buyout of the social media giant.

Shares of the microblogging platform fell by 11.3 percent to finish at $32.65 on Monday. It had lost 5.10 percent before the weekend.

Musk on Friday pulled the plug on the deal, accusing the company of "misleading" statements about the number of fake accounts, according to a letter from his lawyers, a copy of which was filed with the Securities and Exchange Commission.

Musk's effort to terminate the deal that he inked in April sets the stage for an epic court battle over a billion-dollar breakup fee.

Musk took to Twitter late Sunday night to troll the company after it said it would sue to enforce the deal.

"They said I couldn't buy Twitter. Then they wouldn't disclose bot info. Now they want to force me to buy Twitter in court. Now they have to disclose bot info in court," he wrote in a tweet, with each of the four statements accompanied by pictures of Musk laughing with increasing glee.

Twitter offered a fresh rebuttal of its own late Monday, releasing a letter from its legal team to Musk's lawyers that called the Tesla boss's grounds for ending the deal "invalid and wrongful," according to a securities filing.

Twitter has defended its fake account oversight and said it will sue to force Musk to complete the deal. The social network says the number of fake accounts is less than five percent.

Source(s): AFP

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