US billionaire Elon Musk (51) wants the online service after a month-long stalemate Twitter buy now. In a letter to Twitter published by the US Securities and Exchange Commission on Tuesday, his lawyer wrote that the acquisition should be completed on the terms agreed in April. The head of the electric car manufacturer demands as a prerequisite Tesla but an end to the ongoing litigation with Twitter over the takeover.
Twitter acknowledged receipt of the letter, stating, “It is the Company’s intention to complete this transaction.” The purchase should take place at the price of $54.20 per share originally offered by Musk, Twitter added.
US media had previously reported on Musk’s renewed offer to buy. As a result, the price of Twitter shares skyrocketed, and trading in the securities on the New York Stock Exchange was suspended twice. Most recently, Twitter shares climbed 22 percent to $54, almost the purchase price offered by Musk. Investors are therefore firmly assuming that Musk will not back down again.
Acquisition for $44 billion
Twitter and Musk announced in April that the richest person in the world would take over the short message service for $54.20 per share. The purchase price was thus 44 billion dollars.
Musk, himself one of the most prominent Twitter users, backed down after the official offer was presented. In July, he accused Twitter of false information about fake accounts on the platform, among other things, and therefore considered the purchase agreement to be void. Twitter rejected Musk’s allegations and went to court to force the quarrelsome multi-billionaire to complete the acquisition. The trial was scheduled to begin on October 17 in the state of Delaware.
“Being forced by the court to take over was probably not a scenario for Musk”
“Being forced to finalize the deal after a long and ugly court battle apparently wasn’t an ideal scenario for Elon Musk,” said analyst Dan Ives of US investment firm Wedbush, “whereas instead accepting that path and moving forward with the deal is becoming more important.” save him a massive legal headache.”