Twitter Deal :
With a net worth of more than $240 billion, Elon Musk stands strong as the world’s richest guy. He is known for his risk-taking factor. And a few months ago, he had struck a Twitter deal worth a whopping $44 billion to own the company by stating that the company had “tremendous potential.”
The board members of Twitter were excited to close the deal until Mr. Musk jolted them by deciding to drop the deal by citing that this social media had too many spam accounts/bot accounts that were way more than what the company had estimated (i.e less than 5% of users) to seal the Twitter deal.
“Twitter is in material breach of multiple provisions, of the deal agreement, and the company appears to have made false and misleading representations,” earlier said Mr. Musk’s lawyers.
And ever since, this deal has been walking in and out of the court to come to a positive conclusion.
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And recently, according to the Bloomberg news report, billionaire Elon Musk is expected to resume his takeover of Twitter Inc at the price of $54.20 per share.
And Twitter shares saw a 12% jump to $47.93 before trading was paused for the second time.
According to a recent report on the deal, Elon Musk has sent a letter to Twitter Inc offering to seal the deal at the original price which already has the shareholders’ approval.
However, Musk’s lawyers and Twitter weren’t immediately available to respond to this new development.
And the trial looking to make Elon Musk complete the deal is set to start in Delaware Chancery Court on October 17. If everything goes right, this would become one of the most humongous business deals ever made.