Musk's deal for Twitter looks set to go with original $44B price tag
In an unexpected u-turn, Tesla CEO and billionaire Elon Musk looks set to complete his $44 billion acquisition of Twitter, alleged spam bots, fake accounts and all.
According to the notice filed by Musk’s lawyers with the Delaware Chancery Court on Monday, which was overseeing the trial, Musk is ready to “proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement.”
It follows several months of legal drama with the social media platform where Musk tried to back out of the deal, citing Twitter's lack of transparency around spam bots, fake accounts and the financial health of the business, and came just weeks before a rapidly approaching court date to settle the matter on Oct. 17.
Musk’s proposed deal comes on the condition that there is “an immediate stay of the action” and adjournment of the trial and pending 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.
Whether the looming court date prompted Musk’s change of heart is uncertain, however, the Telsa and SpaceX founder has already teased plans for the platform after he takes ownership.
Buying Twitter is an accelerant to creating X, the everything app
Other than the cryptic tweet, Musk has not yet unveiled what the proposed multi-purpose X app is, but in a follow-up tweet on Oct 4, he did mention, “Twitter probably accelerates X by 3 to 5 years, but I could be wrong.”
Musk previously mulled turning to blockchain
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