Twitter and Elon Musk are now in a high stakes/high risk situation, one analyst said.
Twitter Inc. and Elon Musk are digging in for what could be an epic legal battle over Musk’s decision to terminate his agreement to purchase the social media platform.
“For Twitter this fiasco is a nightmare scenario and will result in an Everest-like uphill climb for [Twitter CEO] Parag [Agrawal] & Co. to navigate the myriad of challenges ahead around employee turnover/morale, advertising headwinds, investor credibility around the fake account/bot issues, and host of other issues abound,” wrote Wedbush analyst Dan Ives, in a note released on Monday.
The analyst does not expect any other bidders for Twitter to emerge while the legal battle is playing out in the courts. Wedbush maintained its neutral rating on Twitter. Benchmark analyst Mark Zgutowicz agrees that the courtroom battle poses major risks for Twitter. “Twitter’s board must contemplate the potential harm to its employee and shareholder base of any additional internal data exposed in litigation,” he wrote, in a note released on Monday.
Wedbush analyst Ives thinks that Musk’s decision to end the Twitter agreement could spell good news for Tesla’s shares.
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