The world’s richest person, Elon Musk, wishes to bring the Twitter lawsuit to an end by proceeding with the initially agreed $44 billion buyout.
It appears that after deliberation, the court case may not favour him. Instead, buying Twitter and taking it private could mean that he is closer to building his dream social media platform, which he will call X.
Just moments after news leaked that he was proceeding with the deal, Musk Tweeted:
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
According to a chart shared by Reuters, Elon Musk’s on-and-off involvement with the microblogging platform has affected its shares all year long.
At the beginning of the drama, just after Musk bought his first shares, Twitter’s stock rose to just above $40 and reached $50 within a week or so. Then, when he offered to buy the company, its shares dropped slightly amidst talks that Twitter’s board was going to fight the acquisition.
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However, with the benefit that would come from selling the company, including and increase in their shares value, they agreed to the deal and its stock reached its year high at about $52. Then, the spam accounts drama that saw Musk put the deal on hold before attempting to completely walk away saw the share dip completely. It reached its year low when Twitter sued to force the billionaire to stick to his agreement. From the time that the lawsuit began, the company’s stock has begun rising again.
Meanwhile, there are varying stories about why Elon Musk decided to continue with the $44 billion Twitter acquisition. One Law professor claimed that the billionaire was avoiding the secrets that could come out if he was deposed as part of the case proceedings.
If the deal is completed, it will see Twitter shares climb to $54.20.
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
You can see our thoughts on what a Twitter, controlled by Elon Musk, could mean for users here.
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