Shares of Twitter were down 5.3% in pre-market trading on July 11, following Elon Musk's termination of the $44 billion deal late Friday, July 8. See: Twitter Shares Tumble as Their 'Fire Hose' Data.
The hiring of Wachtell gives the Twitter access to lawyers Leo Strine and Bill Savitt, who previously served as Chancellors of the Delaware Chancery Court where the lawsuit would be heard.
Billionaire Elon Musk has withdrawn his $63 billion ($US 44 billion) bid to buy Twitter alleging the social media platform has breached multiple provisions of their agreement.