Twitter thud on Wall Street, -7.2% after Musk’s step backwards

Twitter lost 7.2% at the opening on Wall Street on the first day of trading after the backslash of Elon Musk, which on Friday at closed stock exchanges announced that it wanted to blow up the 44 billion agreement for the acquisition of the social network. The stock currently trades at $ 34, $ 20 less than what Musk offered to acquire 100% of the stock, or $ 54.2 per share. It’s not just Twitter that is seeing a drop in startup on the Nasdaq. In fact, the list loses 2.21% weighed down by the performance of Amazon which loses 3.83%, Apple which falls by 2.12%, and Meta, the holding of social media of Mark Zuckerberg, which at the start marks a -3, 9%.

The entrepreneur accused the managers of the company of having violated the agreements of the operation, refusing to provide precise data on the number of fake accounts on the platform. Twitter has promised a legal battle to enforce the agreement signed last April. The social network, according to what Blooberg revealed, has given a mandate to a heavyweight among American law firms expert in mergers to sue Musk: the Wlrk, an acronym that stands for Wachtell, Lipton, Rosen & Katz, a leading name in the panorama US legal.

Meanwhile Musk in the morning shared a tweet with a series of photos in which, more and more smiling, he writes: “They said I could not buy Twitter. Then they did not spread the information about the fake accounts. Now they want to force me to buy Twitter in court. Now they have to reveal the fake account information in court. ” Yet another mocking message to the managers of the company.

Meanwhile, fly to the Nasdaq there Digital World Acquisition Corp (Dwac) which increased by 24.8%. The reason is that several US media outlets report the company’s intention to merge with the group that manages the social network created by Donald TrumpTruth Social.

Some observers seem convinced that Musk has now taken steps to conclude an agreement with Trump that would lead to the creation of a new social network. Rumors, nothing concrete at the moment. Before any strategy can take hold, the legal battle must continue in Delaware, where the court called to resolve the dispute between Musk and Twitter resides. Twitter lawyers are expected to sue Tesla’s number one by the end of this week.