Twitter Uses Elon Musk Tweets Against Him in Buyout Lawsuit

tech.hindustantimes.com:

Twitter Inc. responded to billionaire Elon Musk’s decision to withdraw from his proposed $44 billion takeover of the company with a 62-page lawsuit. In it, the social network operator alleges Musk materially breached the original agreement and displays direct examples of him doing so -- in the form of his own tweets.

Twitter’s suit cites no fewer than 13 Musk tweets in setting out the arc of the billionaire’s infatuation with the service, which started with the pun of “love me tender” before his bid in April. It later devolved to Musk posting poop emoji in response to Twitter Chief Executive Officer Parag Agrawal’s explanation of how the company estimates the number of bot accounts on the platform.

After the release of the lawsuit, Musk tweeted “Oh the irony lol” in response.

Twitter Inc. has been put through the wringer by Elon Musk over the past few months. But some investors are still holding onto the stock in hopes that the deal debacle will end favorably.

While Twitter plunged further below Musk’s $54.20 bid this week after the billionaire said he wants out of the deal, the shares are still pricing in the possibility that the two sides can agree on a transaction at a lower price. Analysts at MKM Partners said Monday the stock could fall as low as $24 if investors conclude the acquisition won’t happen at all. That would imply a further 30% drop from Tuesday’s $34.06 close.

“We still think that there would be a likely scenario for a decent settlement between the parties for the deal to complete,” said Jean-Francois Comte, managing partner at merger arbitrage firm Lutetia Capital. “The discount could range between 3% and 20%,” based on outcomes of similar situations in the past, said Comte, who holds a small position in