The Elon Musk/ Twitter imbroglio is about to come to an end if new revelations are about to come by. The Tesla CEO and the current richest person in the world and Twitter have been engaged in recent months in a back and forth over the former’s intending purchase of the microblogging platform but it now appears that Musk’s $44 billion Twitter takeover will actually be happening.
Elon Musk’s representatives had on Tuesday, October 4, 2022 through a letter to Twitter notified the social media giant of the Space X owner’s intention to push through the deal, which has dragged on in a tumultuous manner.
This new development confirms the earlier report that there would be a new synergy in the deal, making things back on track.
The notice filed at the Security and Exchange Commission reads below:
“We write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein”.
The deal proposed deal got to an acrimonious dimension between Musk and Twitter authorities, leading to a proposed litigation after Musk claimed Twitter misled him over the number of bots available on the Twitter site. The Tesla Chief Executive went further on to accuse Twitter of having about 20 percent of its user base consisting of ‘fake/spam bots. Twitter on its part insisted that just less than a paltry 5 percent of its “monetizable daily active users”, a subset of its user base provided as a metric for advertisers are bots.
With the recent development, it now appears both parties have stealth their swords, with Twitter in a statement shared on its investors relations account that:
“We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share”.
With the news of Musk’s notice going public, Twitter’s fortunes have in the last few hours sporadically increased, with its stock price rocketing more than 12%, above $47 per share.
On the letter, the controversial and sometimes chaotic Musk will be hoping to move forward with the deal “provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al. and adjourn the trial and all other proceedings.” This means that the Tesla’s henchman is open to the idea of moving on with the deal on the premise that the lawsuit does not proceed.
Musk has also late Tuesday tweeted that its impending purchase of Twitter would provide an “accelerant” to a different project altogether, the project he dubbed as “X, the everything app.”
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Even though the details of the new software by Musk is still subject of mystery, he had previously given a hint of the idea when in one of his many rants said he would launch a social media site called X if the Twitter plan fell through.
It remains to be seen how the X software or site will fuse into the new Twitter acquisition.