Winning Bizness Desk

Mumbai. Elon Musk, the world's richest man and CEO of US electric car company Tesla, has canceled his $44 billion deal with micro-blogging site Twitter for $44 billion. Twitter has now spoken of a legal lawsuit against Musk in this matter. In the midst of all this, there is a steady decline in the shares of the social media company.

Market value declined by $2.2 billion

According to a report, Twitter shares fell up to 7.8% in pre-market trade on Monday after falling about 6 per cent on Friday and were trading at around $33.93. The social media company's market value has fallen by $ 2.2 billion, while Tesla's shares were trading at Rs 758.85, up about 1.1 percent.

Why did Elon Musk break the Twitter deal?

Elon Musk's lawyer has said in a regulatory filing that the social media company failed to meet multiple requests to provide information about fake or spam accounts on Twitter. This is very important for the business performance of the company. It has also been said in the filing that the micro-blogging site failed to fulfill several conditions of the agreement.

Twitter to sue Elon Musk

Twitter said it would sue Allen to keep the deal up. Last month, Twitter's board of directors recommended unanimously to approve a deal to buy Musk's social media platform for $44 billion. Twitter's chairman of the board, Brett Taylor, tweeted that the board has agreed on price and terms with Musk and is committed to completing the deal. The board is planning to take legal action to implement the merger agreement.