HomeCelebrityElon Musk Agrees To Complete His $44 Billion Twitter Deal. Here's Why

Elon Musk Agrees To Complete His $44 Billion Twitter Deal. Here’s Why

Elon Musk is a billionaire who is never out of the limelight. Be his controversial opinions, tweets, or business, the Tesla CEO remains the talk of the town. His feud with the social media giant, Twitter, was going on for months and morphed into a legal battle after Musk backed out of the deal.

Now, the 51-year-old industrialist has proposed to complete the $44 billion deal to buy Twitter at the original agreed-on terms. This marks the end of his months-long legal fight with the social media giant. Let’s find out more about what exactly happened.

YouTube video

Read More: Why Did Elon Musk Change His Twitter Username To ‘Naughtius Maximus’? What Does It Mean?

Elon Musk Agrees To Complete His $44 Billion Twitter Deal

Elon Musk

Musk was at loggerheads ever since he backed out from the $44 billion deal to buy Twitter. Since then, he has been taking a dig at the social media giant via their own platform.

According to a report from Variety, the SpaceX founder has proposed to complete the $44 billion deal at the original agreed-on terms, ending their three-month-long legal battle.

In a letter to Twitter, Musk offered to close the deal at the $54.20 per share price, according to an SEC filing by Twitter on Tuesday. This comes just two weeks before a trial was scheduled to begin on October 17 in Delaware Chancery Court to hear Twitter’s lawsuit.

They had filed a lawsuit to force Musk to abide by the original offer price. On October 3, Musk’s legal team sent a letter to Twitter that he “intends 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 and pending receipt of the proceeds of the debt financing contemplated thereby”.

Read More: Republican Or Democratic, What Is The Political Inclination Of Elon Musk?

The End Of Musk-Twitter Messy Legal Battle

Elon Musk's $44 Billion Twitter Deal Receives Boards Endorsement
Twitter account of Musk

After the proposal, Twitter issued a statement saying: “The intention of the company is to close the transaction at $54.20 per share.” The agreement is conditioned on the Court entering an immediate stay on Twitter’s lawsuit against Musk.

He exited the deal citing that Twitter has been unable to prove its claim that less than 5% of active users are bots or spam accounts. He also mentioned the company’s lack of transparency on fake information.

The social media giant sued the world’s richest man in April this year. Elon’s proposal comes after Musk must have realized that he might lose the legal battle.

Twitter’s lawyers have alleged Musk chickened out of the deal after his personal net worth dropped with the decline in the stock price of Tesla.

Read More: Why Is Elon Musk Afraid Of AI? How Is He Tackling This Issue With His Own Tech?

More from Author

Elsie Richter and Finn Wolfhard

Who Is ‘Stranger Things’ Actor Finn Wolfhard’s Girlfriend, Elsie Richter?

0
Finn Wolfhard became a household name at a very young age. The Canadian actor-musician is known for playing the role of Mike Wheeler in Netflix's...
Mr. Krabs

How Did Mr. Krabs Die?

0
Mr. Krabs is one of the most popular characters in the animated television series 'Spongebob SquarePants.' The full name of the character is Eugene...
Pablo Escobar with his wife and daughter Manuela Escobar

Who Is Pablo Escobar’s Daughter Manuela Escobar? Where Is She Now?

0
Pablo Escobar is a name everyone is familiar with since he is easily one of the most popular drug lords to ever exist. Several...
RELATED ARTICLES

Trending on FC