As Tesla CEO Elon Musk announced to call off Twitter deal accusing the latter of not being transparent, global market expert Ajay Bagga in conversation with Zee Business Managing Director Anil Singhvi decodes this entire episode. He was of the view that American court may rule in favour of Twitter in this row.
Bagga said initially Elon Musk announced buying Twitter and then denied it citing the company not being transparent about the number of fake accounts on the platform and asking for evidence.
In response, Twitter has said that less than 5% of accounts on the platform are scams. Notwithstanding, the company has hired a big legal firm. Usually, American courts are strict for sellers if they call such deals off and impose heavy penalties.
Since the announcement by Musk on Twitter, the company’s share has gone down by 30% in the market. Shares of Snapchat, another messaging app, is already 53% down in the market. And Twitter is expected to jump behind Snapchat in the future. This indeed is a piece of bad news for Twitter, claimed Bagga.
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“The American court is most likely to take Twitter’s side in this potential legal battle,” the expert opined.
Speaking about coronavirus cases, Bagga said as many as 1500 covid cases in Macau in the last 20 days led to the the shutting down of the city.
Every day Delhi is reporting over 500 positive covid cases, still, there is no fear of lockdown looming around. Moreover, in Europe covid positive people can’t be restricted to enter a restaurant, provided they are vaccinated. With time people have learnt to live with the virus now. Governments all over the world are looking at herd immunity as the solution for the virus, cited the global expert.
Bagga said that Macau, a city with 6 lakhs people shutting down following 1500 covid cases in 20 days is signaling more upcoming lockdowns in china. No lockdown in china had been less than 2 months like the lockdown in shanghai in the month of April. The residents of the city have already undergone 6 tests and still, 4 tests are pending in the next 4 days for the whole population. This is because of Xi’s zero covid policy which is upheld as an emblem of his leadership.