Last April, Elon Musk launched a Hostile takeover against Twitter in order to get hold of her for $43 million. When the sale was almost closed, Musk decided to back down, claiming that there were too many bots and fake accounts within the social network, and that was losing value. After several lawsuits and lawsuits, just a few hours ago, Musk sent a letter to the spokesman for the social network in which he maintained his position to gain control of it. And, finally, Twitter has accepted.
Yesterday afternoon, Elon Musk contacted the Twitter spokesman to reiterate his intention to pay $54.2 per share to acquire 100% of the social network. This represents a total disbursement of 44,000 million dollars, on condition, in addition, to close all legal proceedings initiated by Twitter, as well as suspend any ongoing proceedings related to this issue.
At the time the purchase intention was announced, the social network shot up 12.67% on the stock market, placing each share at $47.93. As the hours passed, and Twitter showed its intention to accept the offer, the value of the shares grew up to 22%each share having a value of 52 dollars.
At the moment there is no scheduled date for the closing of the transaction. It is still necessary to obtain the approval of all the shareholders, since, although the majority have given the “yes I want”, there is still an important part of the shareholders to give the green light.
Elon Musk will use Twitter to promote other projects
It is not yet known why Musk would be interested in a social network like Twitter, but he certainly has plans (good or bad) for it. As we can see in the last tweet published by the billionaire, the purchase of Twitter is intended to accelerate the development of something he calls “X”and that it will be “an app for everything”.
Buying Twitter is an accelerating to creating X, the everything app
October 05, 2022 • 00:39
It is not the first time that Musk has spoken of something like this, although he does so in a very cryptic way. New York Times He already made references to this new project last May, when the purchase of the social network was a whirlwind.
For now, it remains to be seen if Elon Musk keeps his promises regarding the social network. And it is that, one of the things that he has complained about the most is the large amount of spam, false accounts and bots that circulate on the network. In addition, other reasons that prompted the withdrawal of the purchase offer were the revelations of the former head of security of the social network the payment of compensation of 7.7 million dollarswhich had not been consulted despite being in the process of purchasing.
It is expected that when it takes control of Twitter, a thorough cleanup of it will be carried out in order to make it gain credibility. But for now, everything seems to be back to normal. Twitter’s stock listing recovers the initial values at the time of purchase, and all the legal proceedings opened as a result of the merger agreement, last April, and its withdrawal, shortly after, which caused it to sink into bag.