Twitter plans to take authorized motion to make the deal go forward and has employed a prime US legislation agency.
Mr Musk tweeted saying Twitter would wish to “disclose bot data” in courtroom.
The multi-billionaire then tweeted an image exhibiting American actor and martial artist Chuck Norris at a chessboard, with a comply with up put up saying “Chuckmate”.
Twitter’s share value stood at about $34.40 in early Monday buying and selling – falling additional beneath the $54.20-a-share takeover value agreed by Mr Musk and Twitter’s board in April.
It’s the first time buyers have been in a position to react to Mr Musk announcement on Friday that he needed to tug out of the deal.
Mr Musk – who can be the boss of electrical automotive agency Tesla – introduced plans to purchase Twitter in April, however the deal was placed on maintain a month later due a row over the variety of faux accounts on the platform.
The unique merger settlement features a $1bn (£830m) break-up price, however as an alternative of pushing for Mr Musk to pay the sum, Twitter needs the businessman to compete the deal. “The Twitter board is dedicated to closing the transaction on the worth and phrases agreed upon with Mr Musk,” its chairman Bret Taylor wrote in a tweet.
Twitter has employed New York’s Wachtell Lipton Rosen & Katz, which is without doubt one of the world’s main company legislation corporations.
John Espresso, a Colombia Legislation College professor and a former adviser to the New York Inventory Change and Nasdaq, informed the BBC that Mr Musk did not have a “nice authorized argument”.
“It will be a giant battle, however I might predict it’s going to be quietly settled,” he stated. “I believe Mr Musk does not count on to return out with a victory. I count on that he is hoping that he can knock one other 10 or 20 billion off the worth he agreed to pay.”