Musk Twitter acquisition to go ahead – probably

Musk intends to move forward with the deal under the condition that the lawsuit does not proceed.
12 October 2022
Image by Photo Mix from Pixabay

It looks like Elon Musk’s $44 billion Twitter takeover is actually happening.

Representatives of the billionaire notified Twitter through a letter that he intends to move forward with the tumultuous deal.

Musk and Twitter were headed to court over the deal, with the Tesla and SpaceX chief executive claiming that Twitter had misled him over the number of bots that existed on the social network.

Without providing evidence of his claims, Musk has alleged that as much as 20% of Twitter’s user base consisted of fake or spam accounts. 

Twitter has long maintained that less than 5% of its “monetizable daily active users” — a subset of its user base provided as a metric for advertisers — are bots. 

However, it now seems that Musk no longer intends to press the issue. 

Twitter said in a statement shared on its investor relations account that the intention of the Company is to close the transaction at $54.20 per share. 

Musk’s notice sent Twitter’s stock price rocketing more than 12%, above the previous $47 per share.

According to the letter, Musk intends to move forward with the deal under the condition that the lawsuit does not proceed. 

However, given Musk’s chaotic nature, it’s possible that another wrench could be thrown into the works.

- CyberBeat

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