Done Deal with a Twist; Elon Musk Will Buy Twitter for Billion
After all that has been taking place in recent months in the matter, Twitter looks to be moving into the new ownership of Elon Musk. After Musk accused Twitter of not having the issue of fake accounts and bots under control and massively underrepresenting them in user numbers, the $44 billion initial offer is back on the table rather unexpectedly.
A notice filed by Musk’s team with the Delaware Chancery Court on Monday, which was responsible for handling the acquisition after Musk had tried to cancel the deal, said that the Tesla CEO will “proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement.” The statement comes weeks ahead of the October 17 court settlement date.
Musk makes it clear in the filing that “there is an immediate stay of the action” demanding the trial will not take place.
The Twitter Investor Relations handle issued a statement on Twitter thereby confirming that they accept the initial offer at $54.20 per share or $44 billion.
Musk took to Twitter himself announcing that the acquisition, albeit an expensive one, fits his long-term plans of developing a special “everything app”, which he refers to as X.
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
https://platform.twitter.com/widgets.js
According to Musk, purchasing Twitter will significantly speed up the development of X by a handful of years.
Michael Saylor, notorious Bitcoin bull and former MicroStrategy CEO, was one of the first to respond to Elon Musk’s message and expressed his thanks:
If you eliminate the bots, the humans will thank you.
— Michael Saylor⚡️ (@saylor) October 5, 2022
https://platform.twitter.com/widgets.js
Jack Mallers, founder and CEO of Bitcoin Lightning payments platform Strike appeared on CNBC praising Elon Musk’s acquisition of Twitter. Mallers highlighted the potential of Twitter become the ultimate payments application disrupting the traditional banking system. Last week Strike raised $80 million in a Series B funding led by Ten31.
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Source: igaming
