Elon Musk reportedly offering to buy Twitter again
Elon Musk on Tuesday revived his offer to buy social networking site Twitter for $44bn, after previously attempting to back out of the high-profile deal.
The Tesla billionaire proposed the price, which equals the original valuation of $54.20 a share, in a letter to Twitter filed on Monday with the Securities and Exchange Commission.
Mr Mus broke his silence on the deal on Twitter late Tuesday, writing: “Buying Twitter is an accelerant to creating X, the everything app”.
In July, Twitter sued Mr Musk for what it said was his “wrongful” attempt to cancel his offer, a case that may force the entrenpreneur into acquiring the company.
Without an agreement, proceedings in the case are set to begin within days, with Mr Musk scheduled to be deposed in Texas later this week.
ICYMI: Twitter stock rose so fast after Musk buyout offer NYSE had to pause trading
Twitter stock rose sharply on 4 October, after Elon Musk renewed his bid to buy the company
(Google Finance)
The news that Elon Musk is attempting to revive his bid to buy Twitter caused such a big jump in the social network’s stock price that the New York Stock Exchange had to temporarily pause trading twice, the Wall Street Journal reports.
Such pauses, instituted after the 2010 “Flash Crash,” kick in when stocks on major indices change price by more than 5 per cent within five minutes.
Twitter shares rose at least 13 per cent at various points on Tuesday, after Mr Musk announced he would return to his original $44bn offer to purchase the social media site.
ICYMI: Why Twitter is suing Elon Musk
Twitter sued Elon Musk in July, arguing the tech billionaire was legally bound to carry out his $44bn acquisition of the social network, after the Tesla CEO said he wanted to walk away from the deal.
Twitter argued leaving the deal is “invalid and wrongful” under the terms of an April contract, according to a letter sent to Mr Musk’s lawyers.
The company tore into Mr Musk in a legal complaint filed in Delaware Court, writing that the billionaire “apparently believes that he —unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.”
Here’s more information.
Observers fret Elon Musk buyout could turn Twitter into ‘supercharged engine of radicalisation
The news that Elon Musk has reprised his original $44bn offer to buy Twitter has sent shock waves through Silicon Valley, Wall Street and, of course, sparking plenty of discussion on the app itself.
The most important audience for the move, Twitter Inc, met the announcement with little fanfare, merely confirming it had been received and describing how the “intention” of the social network is to go through with the deal.
Josh Marcus has the story.
Many observers worried about changes coming to social platform
Expert on fascism and propaganda slams Elon Musk’s Twitter purchase
“Everything is just a means to an megalomanic end for this individual,” tweeted NYU professor Ruth Ben-Ghiat after Mr Musk had broken his silence about the proposed $44bn purchase of Twitter.
Twitter users slam Elon Musk’s proposed takeover
It did not take long for Twitter users to take to the platform and condemn Elon Musk’s proposed $44bn takeover of the company.
“Neither Musk nor Twitter’s current management seem to care much about Twitter’s users or employees,” tweeted Judd Legum.
And NFL reporter Mike Freeman of USA Today, also slammed it.
“Take a good look around Twitter. Cause if you think the racists, trolls and trash bag humans are out in force now, wait until Musk runs it. It’s gonna be unrecognizable. Most of us are going to head to the escape pods,” he tweeted.
Elon Musk breaks silence on Twitter purchase and offers vision of platform’s future
Elon Musk has broken his silence on his proposed $44bn purchase of Twitter and offered a vision of the social media platform’s future under his ownership.
The billionaire Tesla and SpaceX CEO took to Twitter on Tuesday to seemingly say that obtaining Twitter was the first step in creating a new “X” app, similar to China’s WeChat.
Billionaire tweeted that buying company ‘is an accelerant to creating X, the everything app’
ICYMI: Zelensky fires back at Elon Musk’s ‘insane’ Twitter poll on Russia Ukraine peace
Ukraine’s president Volodymyr Zelensky has fired back at Elon Musk’s “insane” Twitter poll on Russia-Ukraine peace proposals.
The Tesla titan took to Twitter and proposed a string of ideas to solve the eight-month conflict, asking his followers to vote “yes” or “no” on his proposals, which included formally allowing Russia to annex Crimea.
Elon Musk breaks silence on Twitter offer
The billionaire took to Twitter on Tuesday afternoon and talked about his vision for Twitter.
“Buying Twitter is an accelerant to creating X, the everything app,” he tweeted.
How Twitter responded to Elon Musk’s letter
Elon Musk offers to buy Twitter for second time
Elon Musk’s SEC reglatory filing to buy Twitter
Here is the SEC filing made by Elon Musk indicating he intends to complete a $44bn purchase of Twitter at $55.420 per share.
