And yet another twist in the heated Musk-Twitter saga. While the billionaire sought since July to cancel the social network, which was signed in April for 44 billion dollars, Elon Musk has finally changed his mind.
Twitter confirms that the American entrepreneur sent a new purchase offer on Tuesday. “We received the letter (…). The company’s intention is to complete this transaction. at a set price, the San Francisco group tweeted. Surprisingly, the buyback price therefore remains unchanged at $54.20 per share. However, many speculated that the Tesla and SpaceX chief was actually looking to renegotiate talks to buy the California-based company while the tech market has been on a steep decline since this spring.
The news, first reported by Bloomberg, sent Twitter soaring. Its listing was immediately suspended.
Bad judgement
Twitter and Elon Musk will face off in a Delaware court starting October 17. The social network took the billionaire to court to force him to go through the takeover process, while the latter claims Twitter withheld important data from him about the volume of fake accounts on the platform.
The face of Elon Musk for analyst Dan Ivesa clear signal that he feels that his chances of winning his case are very slim and that one way or another this domain will happen.Analysis confirmed by Bloomberg sources. Billionaire’s lawyerssense that the trial is going badly, as Judge Kathleen McCormick repeatedly revealed in favor of Twitter during the pretrial.“The news agency writes. Musk’s camp will also be stripped of physical evidence.
The South African-born entrepreneur is expected to appear in court on Thursday and Friday for depositions necessary to prepare for the trial. Meanwhile, the head of the social network, Parag Agrawal, is supposed to be heard next Monday.
Several elements of the file were released last week, including forty pages of text messages exchanged between the billionaire, Twitter executives and top Silicon Valley figures. These conversations begin in April 2022, when Elon Musk became one of the first shareholders to acquire the social network in less than a month.
If Twitter administrators accept the billionaire’s offer, the lawsuit and its potential big opening will be dismissed. The ball is now in the social network’s court.
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Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.