While the billionaire had been seeking to cancel this takeover since July, the little blue bird platform confirmed on Tuesday that it had received a new offer for 54.20 dollars per share.
And one more twist in the tumultuous Musk-Twitter file. While the billionaire has been seeking since July to cancel his takeover of the social network, signed in April for 44 billion dollars, Elon Musk has finally changed his mind.
Twitter confirms that the American entrepreneur sent a new takeover offer on Tuesday. “We received the letter (…). The company’s intention is to complete this transaction. at the set price, the San Francisco group tweeted. Surprisingly, the buyback price therefore remains unchanged at $54.20 per share. Many had however speculated that the boss of Tesla and SpaceX was in fact seeking to renegotiate the acquisition of the Californian company downwards, while the tech market has been in sharp decline since this spring.
The news, first published by Bloomberg, caused Twitter to surge. Its listing was immediately suspended.
A bad trial
Twitter and Elon Musk are set to square off in Delaware court starting October 17. The social network had taken the billionaire to court to force him to go through with the takeover process, while the latter claims that Twitter hid important data from him on the volume of fake accounts rampant on the platform.
For analyst Dan Ives, Elon Musk’s about-faceis a clear signal that he feels his chances of winning his case are very slim and that this takeover will happen one way or another.An analysis confirmed by Bloomberg sources. The Billionaire’s Lawyersfeel the trial is going badly, as Judge Kathaleen McCormick repeatedly tipped in favor of Twitter during pretrial hearings“Writes the news agency. The Musk camp would also lack physical evidence.
The South African-born entrepreneur is supposed to go to court on Thursday and Friday for depositions necessary for the preparation of the trial. The boss of the social network, Parag Agrawal, is meanwhile supposed to be heard next Monday.
Several elements of the file were made public last week, including forty pages of SMS exchanges between the billionaire, the management of Twitter and leading figures in Silicon Valley. These conversations date from April 2022, when Elon Musk went from being the first shareholder to acquiring the social network in less than a month.
If Twitter administrators accept the billionaire’s offer, the lawsuit – and its likely big unboxing – will be dismissed. The ball is now in the court of the social network.
ToSEE AS WELL – Twitter sues Elon Musk to force him to buyout