In an unexpected 180 degree turn, Tesla CEO and billionaire Elon Musk appears poised to complete his $44 billion takeover of Twitter, alleged spam bots, fake accounts and all.
According to the notice filed Monday by Musk’s attorneys with the Delaware Court of Chancery, which was overseeing the process, Musk is willing to “proceed to the closing of the transaction contemplated in the Merger Agreement on April 25, 2022”.
It comes after several months of legal drama with the social media platform in which Musk tried to back out of the deal, citing Twitter’s lack of transparency around spam bots, fake accounts and the financial health of Twitter. businessand it came just weeks before a fast-approaching court date to resolve the matter on October 17.
Musk’s proposed deal comes on the condition that there be “an immediate stay of action,” a postponement of trial, and until funding is received..
Twitter seems willing to accept the terms of the agreement– Announced in a Twitter post on Oct. 4 that they intend to close the transaction at $54.20 per share.
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
Twitter issued this statement on today’s news: We have received the letter from the Musk parties that they have filed with the SEC. The company’s intention is to close the transaction at $54.20 per share.
It is not known if the impending court date has caused Musk to change his mind. Nevertheless, the founder of Tesla and SpaceX has already hinted at his plans for the platform after taking ownership.
Buying Twitter is an accelerating to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Twitter shopping is an accelerator to create X, the app for everything
Aside from the cryptic tweet, Musk has yet to reveal what the proposed multipurpose app X is, but in a subsequent tweet on October 4 mentioned: “Twitter will probably speed up X in 3 or 5 years, but I could be wrong”.
Musk had already thought of turning to blockchain technology to combat spam bots by making Twitter users pay 0.1 Dogecoin (DOGE) to tweet or retweet.according to a transcript of the phone recordings.
“You have to pay a small amount to register the message in the chain, which will eliminate the vast majority of spam and bots. There is no throat to choke, so freedom of expression is guaranteed,” Musk said. on page 98 of the transcript.
Later concluded that a blockchain-based Twitter might not be viable at the moment.
The news that Musk could be the new owner of the social media platform has been met with a mixed response. from the Twitter community.
The creator of Dogecoin, Bill Markus, aka Shibetoshi Nakamoto on Twitter, told his 1.7 million followers that “if elon musk makes twitter better, then twitter will be better.”and added:
“If elon musk messes up twitter, then we no longer have to listen to all the stupid things people say on twitter. That is a win-win situation.”
Other users weren’t so optimistic, with one noting that he couldn’t believe that “no one who values @Twitter at all wants @elonmusk to have anything to do with him.”.
In the last 24 hours, Twitter’s share price has soared 22.24% to a total of $52 per shareaccording to Nasdaq data.
Meanwhile, Dogecoin, which has seen a rise in the past based on Musk’s actions, is up 8%, trading at $0.06. at the time of writing, according to CoinGecko.
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