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Musk Pulled U-turn With Twitter Deal, Geared Towards Finalization For $44B Price Tag

| 10-Th10-2022

In an unforeseeable change-of-mind, Tesla Head and billionaire Elon Musk plan to finalize his $44 billion purchase of Twitter – alleged spam bots, fake accounts and all. 

Specifically, as revealed via the notice submitted by Musk’s lawyers on Oct. 3 with the Delaware Chancery Court – the legal entity in charge of the trial – Musk is gearing towards “proceeding to closing of the transaction contemplated by the April 25, 2022 Merger Agreement.”

The news is a development of numerous months of legal drama with the social media platform, with Musk voicing his decision to step away from the buy, mentioning reasons related to Twitter’s transparency insufficiency associated with spam bots, fake accounts and the financial health of the business, and comes just days before a rapidly approaching court date to settle the matter on Oct. 17.

Musk’s proposed deal can only happen under the terms that there is “an immediate stay of the action” an adjournment of the trial, awaiting receipt of financing. 

Twitter appears ready to accept the terms of the deal, announcing in an Oct. 4 Twitter post they intend to close the transaction at $54.20 per share.

“Twitter issued this statement about today’s news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.”

The idea of the looming court date that led to Musk’s U-turn is still an assumption. Nonetheless, the Telsa and SpaceX founder has already hinted plans for the platform following the official ownership take-over.

Previously, Musk mulled turning to blockchain technology to fight against spam bots via releasing a 0.1 Dogecoin fee to Twitter users to tweet or retweet, according to a transcript of phone recordings.

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