How Twitter and Tesla Shares Would React To Termination Of Musk-Twitter Deal: Analysts Weigh In

After weeks of dilly-dallying, Tesla, Inc. (NASDAQ: TSLA ) chief executive officer Elon Musk confirmed late Friday that he is terminating the deal to buy Twitter, Inc. (NYSE: TWTR ). Legal Battle In Cards: Close on the heels of Musk's disclosure of his intentions, Bret Taylor, chairman of Twitter's board, tweeted that the board is committed to closing the transaction on the price and terms agreed upon with Musk. He also warned of pursuing legal action to enforce the merger. "We are confident we will prevail in the Delaware Court of Chancery," Taylor said. Wedbush analyst Daniel Ives said he sees a "long, nasty court battle" ahead. Given the Twitter board's fiduciary responsibility to keep driving the Musk deal, it will be in the courts battling for potentially years to recoup the deal and/or the break-up fee of $1 billion at a minimum, he added. "This started as a soap opera in April when Musk launched the bid and ends as a nightmare on a Friday night in July. Now to the courts it goes," Ives said. Code Red Situation For Twitter: Ives said this ... Full story available on Benzinga.com