It’s the end of a wild story: Elon Musk’s $44 billion Twitter deal is actually happening.
On Tuesday, representatives of Elon Musk notified Twitter through a letter that the billionaire will indeed move forward with the deal.
“We write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein,” reads the notice, which was filed with the Securities and Exchange Commission.
Until today, it looked like Musk and Twitter were set on heading to court over the deal. Musk claimed that Twitter had shared misleading information, particularly on the number of bots and fake and spam accounts that are active on the platform. Twitter said the number was under 5% while Musk was convinced it could be as high as 20%.
However, it seems the issue is no longer a real one as Musk now intends to close the deal as previously intended, at $54.20 per share, “provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al. and adjourn the trial and all other proceedings.”
Musk backed down. The stock market will no doubt welcome the news, but what of actual Twitter users? Maybe we should be contempt that we will now be able to edit our tweets…
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 per share.
— Twitter Investor Relations (@TwitterIR) October 4, 2022
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