Tech Billionaire, Elon Musk Agrees To Original $44B Twitter Takeover

Date: 05-10-2022 7:58 am (1 month ago) | Author: Olusanya Akinrinola
- at 5-10-2022 07:58 AM (1 month ago)
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Tech Billionaire Elon Musk has apparently changed his mind about buying Twitter, again, and is now willing to proceed with his takeover of the social media platform.

In a letter to the firm, Mr Musk agreed to pay the price he offered months ago before trying to quash the deal.

The surprise reversal comes just weeks before the two sides were due in court.

Twitter, which had sued Mr Musk to force the takeover to move forward, was seen as having the stronger case.

In the letter, attorneys for Mr Musk said he intended to move ahead to complete the transaction, pending receipt of the financing and an end of the legal fight.

A spokesperson for Twitter acknowledged the firm had received the proposal, adding “the intention of the company is to close the transaction at $54.20 per share” – the price that Mr Musk promised in April.

The apparent win for Twitter sent its shares soaring more than 20% to more than $52 apiece. But the value remained lower than the takeover price, in a sign of lingering investor doubts the deal will go through.

Later on Tuesday, Mr Musk wrote in a tweet: “Buying Twitter is an accelerant to creating X, the everything app”.

Meanwhile, some industry watchers, who were taken by surprise by the development, questioned whether the latest twist was a concrete offer or a delay tactic.

Fingers crossed…


Posted: at 5-10-2022 07:58 AM (1 month ago) | Hero
- gogoman at 5-10-2022 12:01 PM (1 month ago)
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Posted: at 5-10-2022 12:01 PM (1 month ago) | Grande Master
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