Elon Musk $44 billion takeover of Twitter appears to be a reality. On 4.10.2022, the billionaire’s representatives informed Twitter via letter that he intends to proceed with the tumultuous deal, confirming earlier reports that things were back on track. “We write to inform you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein,” according to the notice filed with the Securities and Exchange Commission. Elon Musk buys Twitter.
Musk and Twitter were set to go to court over the deal, with the Tesla and SpaceX CEO claiming that Twitter misled him about the number of bots on the social network. Musk claimed, without providing evidence, that up to 20% of Twitter’s user base was made up of “fake/spam accounts.” Twitter has long claimed that bots account for less than 5% of its “monetizable daily active users” — a subset of its user base used as a metric for advertisers. However, it appears that Musk will no longer pursue the matter. Is Elon Musk buying Twitter.
“We received the letter from the Musk parties that they filed with the SEC,” Twitter said in a statement shared on its investor relations account. “The Company intends to close the transaction at $54.20 per share,” the company added. Musk’s announcement sent Twitter’s stock price up more than 12%, to more than $47 per share. Musk intends to proceed with the deal “provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al., and adjourn the trial and all other proceedings,” according to the letter. In other words, Musk is willing to move forward as long as the lawsuit is dropped. However, given Musk’s chaotic nature, it’s possible that another wrench could be thrown into the works.Did Elon buy Twitter? Musk Tweets. This update has changed the social media platform as now most people know who is the leader of this mega platform, just like they know about the owner of Facebook, WhatsApp and Instagram.
While it’s unclear what prompted Musk’s decision, there have been a number of recent developments in the days leading up to the trial, which was scheduled to begin on October 17. The court recently published a trove of Musk’s texts about the deal that were discovered during the discovery process, and the messages clearly show him getting cold feet in light of the Ukraine conflict and a worsening global economic picture.
Musk tweeted late Tuesday that purchasing Twitter would serve as a “accelerator” for a completely different project, “X, the everything app.” Musk’s mysterious software grand plan is likely unknown to all parties involved, though he previously stated that if the Twitter deal fell through, he would launch a social media site called X. He does own X.com and a holding company with the same name, but an app called X appears to be vaporware – or just a joke – rather than anything that will actually materialize.
