Musk reverses course, agrees to pay the full asking price for Twitter
Musk reverses course, agrees to pay the full asking price for Twitter, Elon Musk has agreed to pay the full amount of $54.20 per share for the purchase of Twitter, so honoring the offer he made before trying to quit the agreement. This turn of events is so sudden and dramatic that it could cause whiplash in the reader.
The acquisition was brought to Twitter’s attention in a letter after the parties had been engaged in a protracted legal struggle on contractual obligations vs an apparent “bot” problem on the social media site.
Musk was in the process of attempting to back out of the purchase on the grounds that Twitter failed to adequately disclose an alleged high number of non-human accounts on the network, while Twitter was countersuing the billionaire to force the sale to go through.
According to a report by Reuters, a lawyer for Twitter named Bradley Wilson testified in court that “none of these studies so far as we can tell remotely supported what Mr. Musk told Twitter and told the world.”
The legal battle, which was scheduled to take place just two weeks from now, was believed by experts to have a high probability of being won by Twitter. This may be the reason why Musk has suddenly agreed to the price that was initially set in April of this year.
The value was much greater than the trading stock price of Twitter at the time; nonetheless, the announcement has prompted an astounding surge of 22 percent only today alone in the stock price of Twitter.
According to earlier tweets, the owner of Tesla and SpaceX is now very likely to acquire control of Twitter. This individual has stated in other tweets that he intends to turn Twitter into a platform for “free speech” and eliminate the large number of bot accounts that already exist.
