Elon Musk, the CEO of Tesla, allegedly completed the purchase of Twitter on Thursday, putting an end to a protracted story that saw Musk play the roles of suitor, detractor, legal foe, and ultimately owner of the social media site.
According to sources acquainted with the situation, The Washington Post, The New York Times, and The Wall Street Journal were among the publications to disclose the deal’s completion. Nobody at ABC News has confirmed.
The bird has been released, Musk tweeted later on Thursday night. According to Forbes, Musk is the richest man in the world. He reportedly paid $54.20 per share for Twitter, which came to a total of about $44 billion.
Musk released a video on Wednesday of himself entering Twitter’s offices while carrying a sink, with the caption, “Entering Twitter HQ – let it sink in!” Musk tried to end the partnership in July, citing worries over spam accounts on the network, after first agreeing to an acquisition deal with Twitter in April.
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Twitter soon after sued Musk for his attempt to scrap the agreement. Musk has until Friday to reach a settlement or the trial will move forward, according to the judge presiding over the Delaware Chancery Court trial. The agreement brings to an end a courtship that began in January with the billionaire’s initial investment in Twitter.
In April, Twitter announced that Musk would join its board of directors, making Musk the social media company’s largest shareholder as of March. Musk later revealed, though, that he had made up his mind not to join the board.
Musk made a purchase offer for Twitter in April, valuing the business at $54.20 per share. The offer represented a 38% premium over the price that prevailed a day before Musk disclosed his Twitter stake. Ten days later, Twitter decided to accept Musk’s proposal.
But a month later, Musk announced that he had “temporarily put the transaction on hold,” citing his worries about the platform’s high incidence of bot and spam accounts. After almost two hours, Musk declared that he was “still committed” to the agreement.
According to Twitter, it had sent Musk information in accordance with the terms of the acquisition agreement. Musk eventually made an attempt to end the agreement in July. Twitter soon after filed a lawsuit against Musk in Delaware’s Chancery Court to compel him to finish the deal.
moderation, according to some analysts
The court’s decision to hold the trial over five days in October, as scheduled in July, looked to be more in line with Twitter’s request for a four-day trial in September. Musk requested that the experiment start no early than the middle of February 2023. The legal process is now over, and the agreement is final.