Expert: Musk could lose billions after withdrawing from buying Twitter

Billionaire, Elon Musk

Elon Musk could lose billions of dollars after pulling out of a deal to buy Twitter, an expert has said.

New York University's Scott Galloway said Musk was unlikely to win the inevitable legal battle with Twitter after he walked away from his $44 billion deal on Friday.

He told the Pivot Podcast that Musk could be forced to pay the difference between the $44 billion he offered for Twitter and its value now, which stands at about $28 billion.

Musk could pay $1 billion to get out of the deal, but with Twitter's chairman planning extensive legal action, Galloway said the fee was now "debatable."

Musk's lawyers argued in a letter on Twitter that the company had breached its agreement by failing to accurately disclose the number of fake accounts on the platform.

However, Galloway said that this was not an excuse for Musk's withdrawal./ CNA.al

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