Shares of Twitter surged on the news, rising more than 12.7% before being halted for volatility. The stock continued to climb when it resumed trading at roughly 3:30 p.m. EST, ending the day up 22%.
Musk confidentially filed a letter in Delaware Chancery Court earlier Tuesday seeking to proceed with the deal on its original terms. The about-face comes just days before Musk was scheduled to be deposed by Twitter’s lawyers in the company’s lawsuit seeking to force the Tesla CEO to buy the company.
In its securities filing, Twitter posted Musk’s letter saying that he, the social network, and Musk’s holding companies created to facilitate the merger “intend to proceed to closing of the transaction” originally reached back on April 25, 2022.
In the letter, Musk agreed to go through with the original deal as long as he received the financing he originally secured — and as long as the court adjourns Twitter’s case against him. The Tesla CEO didn’t admit any liability.
“We received the letter from the Musk parties which they have filed with the SEC,” a Twitter spokesperson said in an email to Yahoo Finance. “The intention of the company is to close the transaction at $54.20 per share.”
Musk initially agreed to buy Twitter in April for $54.20 per share, but soon pulled out of the deal on July 8, claiming that Twitter wasn’t providing enough information about the number of fake accounts on the platform. Twitter struck back against Musk just four days later, filing a lawsuit in Delaware Chancery Court with the hopes that Musk would be forced to buy the company.
It’s possible that Musk reversed course yet again because his lawyers anticipated he’d lose that lawsuit.Yahoo Finance
This one did surprise me quite a bit that he would all of the sudden turn around and decide to buy Twitter, however I must admit I haven’t been following the court case at all so I had no idea he was about to be deposed in court.
After the original drama with the Twitter buyout happened I was pretty sure that he was doing this as a way to stir-up drama, which he is good at. He gets crazy headlines published about him because he says he’s going to do crazy shit, which usually he doesn’t carry out on.
He’s had his cybertruck which is supposed to release with bulletproof glass and now according to a tweet he wants it to be able to serve as a boat temporarily.
In addition to that the Tesla roadster re-release has also been available for pre-order for the past 4 years. So yeah, what he says, isn’t what always happens.
So far, Twitter has agreed to this and expects the deal to close at the original price Musk offered earlier this year.
Additionally it seems that they have some cleaning up to do before the deal is finished.
I genuinely do like Elon Musk, he is a very interesting and odd person that is in some weird ways admirable. I do think he is in a lot of ways though a con-man, but I’m not really hating on him for that, it’s smart.
Yesterday he was posting solutions on how Ukraine could achieve peace by basically surrendering to Russia in a vote, which I’ve already suggested since the war started.
He is honestly based sometimes, because this is true, Ukraine doesn’t need to have people killed but Zelenskyy wants to pretend to be a superhero because he’s a midget faggot who has never had enough attention in his life until now. If they would simply give up and surrender to Russia there would be a ceasefire, Putin respects Ukraine as long as it belongs to Russia as it historically has.