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Elon Musk Twitter deal latest: Tesla CEO offers to finish court battle as he negotiates $44bn take care of platform


Elon Musk reportedly offering to purchase Twitter again

Elon Musk on Tuesday revived his offer to purchase social networking site Twitter for $44bn, after previously attempting to back out of the high-profile deal.

The Tesla billionaire proposed the value, which equals the unique valuation of $54.20 a share, in a letter to Twitter filed on Monday with the Securities and Exchange Commission.

Within the letter, his layers stated that Mr Musk and his backers “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.”

Twitter confirmed that it had received the letter from Mr Musk and stated that it intended to shut the deal at the unique price, without commenting on how it might reply to him.

Mr Musk broke his silence on the deal on Twitter late Tuesday, writing: “Buying Twitter is an accelerant to creating X, the all the pieces app”. He added that purchasing Twitter “accelerates X by 3 to five years”.

In July, Twitter sued Mr Musk for what it said was his “wrongful” try to cancel his offer, a case which will force the entrepreneur into acquiring the corporate.

Without an agreement, proceedings within the case are set to start inside days, with Mr Musk scheduled to be deposed in Texas later this week.

Twitter’s share price jumped by 22 per cent on Tuesday following news of Mr Musk’s renewed bid for the corporate and closed trading at around $52.

Key Points

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Twitter CEO will receive $42m if Musk fires him

Parag Agrawal, the CEO of the social media platform, will receive the enormous payout if the Tesla CEO fires him inside 12 months of his proposed $44bn purchase of the corporate.

The detail was based on work by research firm Equilar and revealed by Reuters back in April when Mr Musk announced he was bidding to takeover the tech firm.

6 October 2022 00:39


Lawyers may lose out on $1bn in fees if Twitter trial cancelled, report claims

Lawyers who were set to be involved within the Twitter-Elon Musk trial may lose out on something within the region of $1bn in fees, in accordance with an authority.

Greater than 70 lawyers awere admitted to Delaware Chancery Court forthe trial which remains to be on the books for 17 October, but which will likely be cancelled if Mr Muk’s $44bn purchase goes through.

“With all of the lawyers within the case and the potential for other litigation to spin out of this, akin to investor suits, I could see the full legal fees reaching $1 billion,” John Coffee, a Columbia University law professor told Bloomberg.

The news organisation says that mnany of the lawyers involved could have charged as much as $1,700 per hour for his or her services.

“That’s quite a lot of money for one hour of a lawyer’s time, but some lawyers’ time is value it,” said William G Ross, a law professor at Samford University in Alabama who specialises in legal fees.

5 October 2022 23:35


Second investment firm backs out of financing Twitter deal

Sixth Street Partners have joined Apollo Global Management in backing out of providing financing for Elon Musk’s $44bn purchase of Twitter, in accordance with Reuters.

Talks of providing money for deal have now ended, an individual accustomed to the situation told Reuters on Wednesday.

5 October 2022 23:22


Twitter accused Musk of dodging deposition due to Covid risk

Lawyers for twitter say that Mr Musk dodged his deposition of their lawsuit against him on 28 September, because he cited the interviewing attorney had been exposed to the virus 4 days earlier.

Details of the incident have been made public in the most recent documents for the trial, which remains to be slated to go ahead within the Delaware Court of Chancery on 17 October, despite Mr Murk’s renewed try to buy the corporate for $44bn.

Mr Musk’s deposition was moved to this Thursday and Friday, even though it is unclear if it should now undergo as a deal could possibly be announced at any time.

5 October 2022 22:27


Private equity firm not involved with Musk’s Twitter bid

Private equity firm Apollo Global Management isn’t any longer involved with Elon Musk’s $44bn Twitter purchase, in accordance with Reuters.

The Latest York-based company was set to supply $1bn of the fiancing for the Tesla CEO’s bid for the social media platform, but is reportedly not in talks with the billionaire.

Apollo declined to comment to the news organisation.

5 October 2022 22:12


ICYMI: What’s X.com?

X.com simply points to a web site that shows the letter x, and nothing more. Nevertheless it has long been owned by Mr Musk, who has used it for a wide range of purposes.

Originally, X.com was an internet bank that was co-founded by Mr Musk and would go on to grow to be a part of PayPal. The branding was eventually lost in a series of mergers within the early 2000s.

PayPal originally kept ownership of the X.com domain name, but sold it to Mr Musk in 2017. He said that he had bought it due to its “sentimental value”.

Since then, it has largely stayed dormant. While it has occasionally been used for marketing campaigns – akin to directing visitors to a hat sale on one other website – it has largely just shown that single “x”.

Mr Musk gave no indication of how that X.com website would look, or perhaps a firm commitment that it might launch.

5 October 2022 21:31


ICYMI: Elon Musk has long-since hinted that X could possibly be a social media site.

In a thread of posts about that eventuality, one user asked whether Mr Musk had planned to launch his own social network if he’s successful in escaping the deal. It’s unclear how that can now tie in if Mr Musk goes through with the deal.

5 October 2022 21:04


Elon Musk’s Twitter trial still set to go ahead, court states

“The parties haven’t filed a stipulation to remain this motion, nor has any party moved for a stay. I, subsequently, proceed to press on toward our trial set to start on October 17, 2022,” stated Chancellor Kathaleen McCormick on Wednesday.

5 October 2022 20:06


Musk will likely be ‘fairly distracted’ running Twitter, says Wall Street analyst

Mr Musk can have his attention on completing his $44bn takeover of Twitter, but he also runs Tesla, SpaceX and The Boring Company.

“Near-term, I feel Musk, if this deal actually happens, must work out the top-level, C-level exec team that they should have in place,” Rohit Kulkarni, senior analyst at MKM Partners, told Yahoo Finance Live.

“Until then, I believe it’s fair to say he will likely be fairly distracted with probably putting more time behind Twitter and putting less time behind other things.”

An aerial view of Tesla Shanghai Gigafactory on March 29, 2021 in Shanghai, China.

(Getty Images)

5 October 2022 18:47


Musk and Twitter in negotiations to finish deal, says report

The Wall Street Journal says that the billionaire and the social media platform are currently in negotiations to finish the $44bn purchase and a person accustomed to the situation says that the parties hope to have a deal done today.

5 October 2022 18:28

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