The news over this week is that Elon Musk will finally agree to buy Twitter. He had put on the brakes on his attempted acquisition because of issues with establishing the legit users on the social media site.
Via CNBC:
Elon Musk has reversed course and is again proposing to buy Twitter for $54.20 a share, according to a regulatory filing on Tuesday. Twitter shares closed up more than 22% on the news.
The social media company issued a statement saying it had received the letter and said, “The intention of the Company is to close the transaction at $54.20 per share.”
A deal could happen as soon as Friday, sources told CNBC. The stock was halted earlier in the day after Bloomberg first reported on the Tesla CEO’s plans to go forth with his deal to acquire the company.
The SEC filing says Musk sent a letter to Twitter on Monday, notifying the company of his intent to proceed with the transaction agreed upon on April 25, the day the deal was publicly announced.
A few weeks after Musk agreed to that deal, valuing Twitter at $44 billion, he quickly tried to back out, officially informing the company in July of his intentions to terminate the agreement. Twitter sued Musk to force him to go through with the purchase. The two sides were scheduled to go to trial in Delaware Chancery Court on Oct. 17.
Musk alleged that Twitter was misstating the number of “bots” on its service as one of the reasons he was reneging on the deal. He and his lawyers claimed the social media company was misleading investors by providing false numbers in corporate filings with the Securities and Exchange Commission.
Bring it Elon! Bring it! Can't wait!
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
No comments:
Post a Comment
Comments are now moderated because one random commenter chose to get comment happy. What doesn't get published is up to my discretion. Of course moderating policy is subject to change. Thanks!