Twitter seems ready to continue with the deal for Elon Musk to acquire the platform, stating in an October 4 post that they intend to close that transaction at $54.20 per share. In an unexpected u-turn, Tesla CEO and billionaire Elon Musk seem set to complete his $44 billion acquisition of Twitter, supposed spam bots, fake accounts, and all.
According to the official notice that was filed by Musk’s legal team with the Delaware Chancery Court on October 3, which was overseeing this trial, Musk seems ready to “proceed to the closing of the transaction contemplated by the April 25, 2022 Merger Agreement.”
It comes after several months of legal drama with the social media platform where Elon Musk attempted to back out of the deal, citing Twitter’s lack of enough transparency around spam bots, fake accounts, and the financial health of the whole business. It also came several weeks before a quickly approaching court date to settle this matter on October 17.
Musk’s proposed deal now comes on the condition that there is an immediate stay of the action an adjournment of the trial and pending receipt of financing. Twitter seems ready to accept the terms of this deal, announcing in an October 4 Twitter post that they want to close this transaction at the initial price of $54.20 per share.
https://twitter.com/TwitterIR/status/1577380758192197632
Whether the imminent court date prompted Musk’s change of heart is still not known. Nevertheless, the SpaceX and Tesla founder has already teased some plans for the platform after he takes ownership.
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Other than his cryptic tweet, Musk is yet to reveal what the proposed multi-purpose X app is. However, in a follow-up tweet on October 4, he mentioned:
“Twitter probably accelerates X by 3 to 5 years, but I could be wrong.”
Previously, Musk mulled turning to blockchain technology to fight spam bots by making Twitter users pay 0.1 Dogecoin (DOGE) to tweet or retweet, according to a transcript of several phone recordings. Musk said on page 98 of the transcript:
“You have to pay a tiny amount to register your message on the chain, which will cut out the vast majority of spam and bots. There is no throat to choke, so free speech is guaranteed.”
He later stated that blockchain-based Twitter may not be feasible currently.
This news that Musk could be the new owner of the microblogging social media platform has been met with a mixed response from the Twitter community.
Buy Bitcoin NowBill Markus, the Dogecoin creator, also called Shibetoshi Nakamoto on Twitter, told his 1.7 million followers that “if Elon musk makes Twitter better, then Twitter will be better,” adding:
“If Elon musk ruins twitter, then we don’t have to hear all the stupid things that people say on Twitter anymore. that’s a win-win.”
Some other users were not all optimistic about the takeover, with one noting that he could not believe “anyone who values @Twitter at all would want @elonmusk to have anything to do with it.”
In the past 24 hours, the Twitter stock price has gained 22.24% to trade at $52 per share, as highlighted in the NASDAQ data.
While Dogecoin (DOGE) which has in the past seen growth based on the actions of Musk, has had an 8% increase, trading at $0.06 at the time of publication, according to CoinGecko.
