Twitter Confirms Intent to Close Elon Musk’s Takeover Offer: Details

Twitter on Tuesday confirmed that Tesla CEO Elon Musk despatched a letter saying he’ll undergo the deal he signed early this 12 months to purchase the platform for $44 billion (roughly Rs. 3,58,300 crore).

“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 (roughly Rs. 4,400) per share,” the official account of Twitter Investor Relations wrote.

After the information broke, that the billionaire is proposing to proceed with $54.20 ((roughly Rs. 4,400) per share to purchase social media platforms, Twitter’s share worth elevated to 12.7 per cent earlier than buying and selling was stopped for the second time. On the opposite, Tesla’s shares dropped by about 3 per cent.

Musk has been locked in a bitter authorized battle with Twitter since asserting in July this 12 months that he was pulling the plug on his $44 billion (roughly Rs. 3,58,300 crore) buy of the corporate following a fancy, and months-long courtship.

Musk had cancelled the deal, claiming that he was misled by Twitter regarding the variety of bot accounts on its platform. These allegations had been forthrightly rejected by the corporate.

The newest report on the Twitter buyout deal comes forward of the Delaware Court listening to on October 17, the place the 2 sides are anticipated to conflict over the multi-billion greenback buyout deal.

“This is a clear sign that Musk recognized heading into Delaware Court that the chances of winning vs. Twitter board was highly unlikely and this $44 billion (roughly Rs. 3,58,300 crore) deal was going to be completed one way or another,” Reuters quoted Wedbush analyst Dan Ives as saying.

Earlier, Twitter had sought an order directing Tesla CEO to finish deal at $54.20 ((roughly Rs. 4,400) per share.

Meanwhile, Musk had referred to as for the dismissal of a shareholder lawsuit towards him for cancelling his deal and subpoenaing the social media firm’s former CEO.