While we expected the lawsuit between Elon Musk and Twitter to drag on, the billionaire finally changed his mind again and now wants to close the transaction at more than 44 billion euros.
Last summer, after several months of negotiations, Elon Musk finally announced that he would give up the takeover of Twitter after the social network lied about the number of fake accounts on the platform. The billionaire and the American giant had therefore engaged in a long legal battle, but that was without counting yet another unexpected turnaround from the CEO of Tesla and SpaceX.
Indeed, to everyone’s surprise, Elon Musk has offered to complete his proposed acquisition of Twitter for $44 billion ($54.20 per share), the amount originally proposed. The regulatory filing of this new decision obviously made surge in Twitter stock, which closed more than 22% higher after the news.
Elon Musk has finally decided to buy Twitter
On Twitter, Elon Musk explained that this sudden decision had to do with his project to create his own social network. “Buying Twitter is an accelerator to create X, the application that will do everything”, can we read on its account. The billionaire then clarifies that Twitter could accelerate the creation of the new platform by almost 3 to 5 years, which is obviously not negligible.
As a reminder, it has been several years now thatElon Musk owns the domain name X.com. When we go to the latter, we come across a simple white page with a small letter “x”. For the moment, we do not know exactly what the platform that Elon Musk intends to create could be used for, but we imagine that it will make it possible to make a link between all its companies.
Anyway, Twitter also seems to be in a hurry to complete the transaction with the billionaire. Now that the two entities are on the same page again, the deal is expected to close quickly. It remains to be seen how Twitter will change once Elon Musk takes over.