It appears that Elon Musk 's $44 billion acquisition of Twitter will finally happen, despite the disagreements that have existed in recent months between the billionaire and the social networking platform.
On Tuesday, representatives for Tesla CEO Elon Musk informed Twitter via letter that he intends to move forward with the deal.
See also: Twitter accuses Musk of texting Ellison late at night before breaking off deal
“We are writing to inform you that the Musk Group intends to proceed with the closing of the transaction contemplated by the Merger Agreement dated April 25, 2022, subject to the terms and conditions set forth therein,” announcement , which was filed with the Securities and Exchange Commission, states.
In late April, it was announced that the platform and the billionaire had reached an agreement for an acquisition. However, shortly after, Musk changed his mind. So Elon Musk and Twitter were taken to court, after the social network insisted that the deal should be completed. The CEO of Tesla and SpaceX claimed that Twitter him misled about the number of bots on the social network. Without providing evidence for his claims, Elon Musk claimed that up to 20% of Twitter’s user base consisted of “fake/spam accounts”. Twitter, for its part, claims that less than 5% of its “daily active monetizable users” are bots. Twitter claimed that Musk was looking for a reason to walk away from the deal when the company’s shares fell in line with a broader decline in the overall market.
See also: Twitter uses Elon Musk's tweets against him in lawsuit!
Anyway now, it appears that the billionaire backed off regarding the bots and decided to continue with the acquisition.
“We have received the letter from Elon Musk’s representatives who have filed with the Securities and Exchange Commission,” Twitter told TechCrunch. “The Company’s intention is to close the transaction at $54.20 per share,” the company. Twitter’s stock price jumped more than 12% on news of the acquisition.
According to the letter, Elon Musk intends to proceed with the settlement “provided that the Delaware District Court grants an immediate stay of lawsuit against Musk, et al. and postpones the trial and all other proceedings.” The trial for lawsuit against Elon Musk was scheduled for October 17.
See also: What is Twitter's new video viewer like?
The reason why Elon Musk ultimately decided to proceed with the acquisition of Twitter is not clear.
Late on Tuesday, Elon Musk wrote on Twitter that the acquisition of the platform would provide a “accelerator” for an entirely different project.
Source: techcrunch.com
