<p>Tesla CEO Elon Musk’s proposed takeover of Twitter seems to be back on track as the billionaire has filed to complete the $44 billion acquisition. In a court filing on Tuesday, Musk’s lawyers confirmed that they were ready to complete the deal which was considered to be over few days ago.</p>

<p>Bloomberg reported on Tuesday that Musk was ready to complete the takeover at the original price of $54.20 a share and the report was confirmed to be true thanks to the court filings.</p>

<p>Also read |&nbsp;<a href="https://www.wionews.com/world/ukraine-continues-to-liberate-territories-in-east-and-south-says-volodymyr-zelensky-522493">Ukraine continues to liberate territories in east and south, says Zelensky</a></p>

<p>The announcement also came days before the trial regarding the non-completion of the deal was about to begin on October 17 with most predicting a loss for Musk and his lawyers.</p>

<p>“We write to notify you that the Musk Parties intend to proceed to closing of the transaction,” read the filings by Musk’s lawyers with the Delaware Chancery court which was overseeing the trial.</p>

<p>Twitter confirmed that they have received Musk’s latest offer and said - “The intention of the company is to close the transaction that was agreed upon during the original deal”.</p>

<p>Also read | <a href="https://www.wionews.com/world/elon-musk-twitter-takeover-live-tesla-ceo-offers-to-buy-social-media-platform-as-per-original-deal-522463" hreflang="en">AS IT HAPPENED - Twitter confirms Musk buyout offer</a>&nbsp;</p>

<p>Following the announcement, Twitter stocks skyrocketed by 6.7 per cent before trading was halted. Once it resumed, it went up by almost 12 per cent and trading had to be halted yet again.</p>

<p>Earlier, Musk decided to not go forward with the takeover citing the reason that Twitter had more than 20 per cent fake users. The social media company denied all allegations brought forward by Musk and put the number of fake users on the platform to somewhere around five per cent.</p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Tesla CEO Elon Musk’s proposed takeover of Twitter seems to be back on track as the billionaire has filed to complete the $44 billion acquisition. In a court filing on Tuesday, Musk’s lawyers confirmed that they were ready to complete the deal which was considered to be over few days ago.

Tesla CEO Elon Musk’s proposed takeover of Twitter seems to be back on track as the billionaire has filed to complete the $44 billion acquisition. In a court filing on Tuesday, Musk’s lawyers confirmed that they were ready to complete the deal which was considered to be over few days ago. Bloomberg reported on Tuesday that Musk was ready to complete the takeover at the original price of $54.20 a share and the report was confirmed to be true thanks to the court filings. Also read | Ukraine continues to liberate territories in east and south, says Zelensky The announcement also came days before the trial regarding the non-completion of the deal was about to begin on October 17 with most predicting a loss for Musk and his lawyers. “We write to notify you that the Musk Parties intend to proceed to closing of the transaction,” read the filings by Musk’s lawyers with the Delaware Chancery court which was overseeing the trial. Twitter confirmed that they have received Musk’s latest offer and said - “The intention of the company is to close the transaction that was agreed upon during the original deal”. Also read | AS IT HAPPENED - Twitter confirms Musk buyout offer Following the announcement, Twitter stocks skyrocketed by 6.7 per cent before trading was halted. Once it resumed, it went up by almost 12 per cent and trading had to be halted yet again. Earlier, Musk decided to not go forward with the takeover citing the reason that Twitter had more than 20 per cent fake users. The social media company denied all allegations brought forward by Musk and put the number of fake users on the platform to somewhere around five per cent.

Twitter confirms Elon Musk buyout offer, says will close at original price

<p>As per a new development in the Twitter-Elon Musk story, the Tesla CEO has reportedly informed the banks sponsoring the takeover bid of his plans to reduce executive and board member salaries in order to save money.</p>

<p>Musk also mentioned a plan to monetise tweets, as per Reuters.</p>

<p>He made these pitches to the lenders as he tries to secure a debt days after submitting a bit to Twitter on the 14th of April.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/photos/tech-visionary-turned-social-media-king-elon-musks-a-list-enterprises-and-how-much-they-are-worth-473896">Tech visionary turned social media king Elon Musk's A-list enterprises and how much they are worth</a></strong></p>

<p>Musk had to persuade the banks that Twitter's cash flow was sufficient to service the loan he was seeking. In the end, he was able to acquire $13 billion in loans secured against Twitter, as well as a $12.5 billion margin loan secured against his Tesla equity. He promised to pay the balance of the payment with his own money.</p>

<p>Earlier too Musk had spoken about his plan to eliminate the salaries of Twitter board directors, which in his opinion can save up to $3 million in cost savings.</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there</p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1516056299376623626?ref_src=twsrc%5Etfw">April 18, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p><strong>Watch |&nbsp;Crackdown on hate: How will Elon Musk deals with new EU law?</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/crackdown-on-hate-how-will-elon-musk-deals-with-new-eu-law-474752/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>As per Reuters anonymous source, Musk also pointed out Twitter's gross margin which is much lower than Meta's Facebook and Pinterest, adding that this leaves plenty of space to run the company cost-efficiently.</p>

<p>Bloomberg had earlier reported that Musk's pitch to the banks also included job cuts, although he isn't expected to make a decision on that until he assumes ownership of the firm.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musk-sells-usd-4-billion-worth-of-tesla-shares-to-bolster-twitter-acquisition-474777" hreflang="en">Elon Musk sells USD 4 billion worth of Tesla shares to bolster Twitter acquisition</a></strong></p>

<p>His plans for monetisation include developing features to grow business revenue, by making use of viral tweets. Among his ideas is charging a fee for third-party websites to quote or embed a tweet by verified accounts.</p>

<p>In his earlier tweets, he had suggested a raft of changes including slashing Twitter blue premium's subscription service. In another tweet he had deleted, he suggested reducing Twitter's dependence on advertising for revenue.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>


As per a new development in the Twitter-Elon Musk story, the Tesla CEO has reportedly informed the banks sponsoring the takeover bid of his plans to reduce executive and board member salaries in order to save money.

As per a new development in the Twitter-Elon Musk story, the Tesla CEO has reportedly informed the banks sponsoring the takeover bid of his plans to reduce executive and board member salaries in order to save money. Musk also mentioned a plan to monetise tweets, as per Reuters. He made these pitches to the lenders as he tries to secure a debt days after submitting a bit to Twitter on the 14th of April. Also read | Tech visionary turned social media king Elon Musk's A-list enterprises and how much they are worth Musk had to persuade the banks that Twitter's cash flow was sufficient to service the loan he was seeking. In the end, he was able to acquire $13 billion in loans secured against Twitter, as well as a $12.5 billion margin loan secured against his Tesla equity. He promised to pay the balance of the payment with his own money. Earlier too Musk had spoken about his plan to eliminate the salaries of Twitter board directors, which in his opinion can save up to $3 million in cost savings. Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there — Elon Musk (@elonmusk) April 18, 2022 × Watch | Crackdown on hate: How will Elon Musk deals with new EU law? As per Reuters anonymous source, Musk also pointed out Twitter's gross margin which is much lower than Meta's Facebook and Pinterest, adding that this leaves plenty of space to run the company cost-efficiently. Bloomberg had earlier reported that Musk's pitch to the banks also included job cuts, although he isn't expected to make a decision on that until he assumes ownership of the firm. Also read | Elon Musk sells USD 4 billion worth of Tesla shares to bolster Twitter acquisition His plans for monetisation include developing features to grow business revenue, by making use of viral tweets. Among his ideas is charging a fee for third-party websites to quote or embed a tweet by verified accounts. In his earlier tweets, he had suggested a raft of changes including slashing Twitter blue premium's subscription service. In another tweet he had deleted, he suggested reducing Twitter's dependence on advertising for revenue. (With inputs from agencies)

Elon Musk reveals plans to monetise tweets and cut salaries as part of his pitch to bank lenders

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Twitter confirms Elon Musk buyout offer, says will close at original price

Elon Musk reveals plans to monetise tweets and cut salaries as part of his pitch to bank lenders