This is one more twist in the Elon Musk/Twitter affair. Billionaire Elon Musk has finally decided to buy the social network, facing the prospect of a long and expensive lawsuit. What’s going to happen ?
Takeover of Twitter: Elon Musk makes an about-face
Elon Musk has (again) changed his mind. The billionaire sent a letter to Twitter yesterday saying he wanted to buy the company at the agreed price of $54.20 per share. The takeover – which would cost Musk $44 billion – had been called off, with the latter citing the number of bots on the platform to justify the reversal.
But the prospect of a long legal battle has apparently made Elon Musk change his mind. His trial with Twitter was due to begin in just over ten days, on October 17. But the billionaire communicated this new takeover proposal last Monday, according to information seen by the Wall Street Journal. The original award was accepted, a win for Twitter.
Musk has not officially commented on this new shift. He did, however, mention that the takeover of Twitter would serve to create the ambitious company X.comwhich he describes as an “everything app”.
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Elon Musk has spent the last few months throwing oil on the fire, pointing to Twitter’s systemic problems. But his loopholes closed one after the other and he apparently couldn’t find a way to dodge redemption. It is likely that he judged his chances of winning his trial as too low.
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Twitter’s share price soars
Immediately after the announcement, Twitter’s (TWTR) share price gained +18%, before trading was suspended. This morning, the stock is up 23% over the last 24 hours:
TWTR stock price explodes
Elon Musk, however, recovers a social network that has been abused recently. Beyond this legal battle, the company has faced statements from whistleblower Peiter Zatko. The latter was particularly damning with Twitter, judging that the company “deceived» the public as well as politicians.
It is in any case not certain that the takeover will go all the way – we are never safe from a new reversal of Elon Musk. But it looks like things are on the right track. for the billionaire to become the new owner of Twitter.
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Source: Wall Street Journal – Image: Duncan.Hull via Wikimedia (CC BY-SA 3.0)
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