Another twist sets into the long-drawn Twitter’s (NYSE:TWTR) takeover saga by Elon Musk. Both Elon Musk and Twitter’s CEO, Parag Agrawal, did not show up for their scheduled deposition yesterday related to Musk’s refusal of the $44 billion Twitter buyout deal.
According to court filings, Musk and Agrawal were scheduled to sit for the deposition at two different law offices on September 26.
CEO Agrawal may probably reschedule his deposition for sometime later this week. It is uncertain when and where Musk’s deposition will be held again, if at all.
The lawsuit is scheduled to have its official 5-day trial on October 17. Musk alleges that Twitter deceived him by not disclosing the authenticity of its user base, pointing to bot and spam accounts.
Meanwhile, Twitter denied the allegations and stated that Musk is making false claims as an excuse to walk out of the deal.
What was Twitter’s Highest Stock Price?
Twitter stock reached its all-time high of $77.63 on March 1, 2021. Currently, it is trading almost half from those levels at $41.52.
Overall, the stock has a Hold consensus rating based on two Buys and 16 Holds. Twitter’s average price target of $40.49 implies 2.5% downside potential from current levels.
Currently, TWTR stock has a very negative signal from hedge fund managers, who have sold 3.1 million shares during the last quarter.
Further, TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on Twitter. 2.2% of investors on TipRanks have decreased their exposure to TWTR stock over the past 30 days.
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