December 9, 2022

Raven Tribune

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Billion dollar acquisition: Musk now wants to buy Twitter

Status: 10/04/2022 10:04 pm

Tech billionaire Musk now plans to acquire online service Twitter. Twitter said in a brief statement that it intends to complete the transaction as planned.

Tech billionaire Elon Musk now wants to acquire online service Twitter for billions. The Tesla boss confirmed this in a mandatory filing with the US Securities and Exchange Commission.

In a letter, Musk suggested closing the deal at a purchase price of $54.20 per share originally agreed upon, confirming a report by Bloomberg Financial Services.

Fascinating twist

It marks a dramatic breakthrough in the conflict surrounding the takeover, which is expected to cost around $44 billion. Musk actually canceled the April purchase agreement in July because Twitter allegedly misrepresented the number of fake accounts on its site. However, the company went to court to insist on the purchase agreement.

The process to clarify whether Musk can pull out of the acquisition should actually begin in October. A legal dispute may yet be avoided by recent events.

In a brief statement, Twitter confirmed it had received Musk’s letter with the updated offer. The Company intends to complete the transaction as planned.

Twitter shareholders have approved the sale

Twitter shareholders have already approved Musk’s sale. So, if both parties agree to the original terms, the deal could be completed quickly in the coming weeks.

With the purchase, the world’s richest man will take over one of the most influential media platforms. Musk could transform Twitter from an advertising to a subscription model. In addition, services such as money transfer may be possible. So far, Musk’s plans for Twitter include taking the company public and hiring new management.

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Is Trump Returning to Twitter?

The deal will also have a political dimension, at least in the United States. Supporters of former President Donald Trump hope Musk will unblock his user account. On January 6, 2021, the Republican was banned from Twitter after his supporters stormed the Capitol. Trump may return in time to consider a possible 2024 presidential run.

Musk insisted from the start that the Twitter acquisition was not about money, but about strengthening free speech on the platform.