As it happened: Twitter confirms Elon Musk buyout offer, says will close at original price
Elon Musk is agreeing to the original buyout deal, per reports Photograph: (Reuters)
<p>Tesla CEO Elon Musk's proposed $44 billion takeover of Twitter seems to be back on track as he is willing to complete the deal for the original offer price of $54.20 a share, according to a Bloomberg report. The report stated that Musk made the proposal in a letter to Twitter and in response to the news, Twitter stocks were halted for volatility in the market for jumping 6.7 per cent. While not much is known about the deal, Twitter is considering the proposal but will not act on it instantly according to a Washington Post report. Instead, the microblogging platform will sit on it for another day as there is great distrust on both sides. The trial following Musk's decision to back out of the deal was set to take place in Delaware Chancery Court, starting October 17. Earlier, Musk was reluctant to complete the takeover as he claimed that Twitter had over 20 per cent fake users - a direct contradiction to the company's estimate of five per cent.</p>Key Updates
05 Oct 2022, 2:45 (IST)
A settlement between the two sides would revive fears among Twitter's users about Musk's plans for the platform, which has removed prominent politically conservative voices. Supporters of Donald Trump hope that Musk will reactivate the account of the former U.S. president, who was banned after the Jan. 6, 2021, attack on the US Capitol by his supporters.
A renewed commitment to the deal would give Musk, already one of the world's most prominent and outspoken entrepreneurs, a megaphone for his views. He has used Twitter to stir controversy, including on Monday when he floated a peace plan for the Ukraine-Russia war that drew swift condemnation from Ukraine's president, Volodymyr Zelensky.
05 Oct 2022, 1:48 (IST)
Elon Musk is proposing to go ahead with his original offer of $44 billion to take Twitter Inc private, two sources familiar with the matter said on Tuesday (October 4), signaling an end to a bitter legal battle that was about to go to trial.
The agreement puts the world's richest person in charge of one of the most influential media platforms and ends months of turbulent litigation that damaged Twitter's brand and fed Musk's reputation for erratic behavior.
Musk, the chief executive of electric car maker Tesla Inc, will take over a company he originally committed to buying in April, but soon soured on.
Twitter shares jumped 12.7% to $47.93 before trading was halted for the second time, while Tesla shares rose by about 1%.
Bloomberg reported the move earlier, saying Musk made the proposal in a letter to Twitter. It cited people who asked not to be identified discussing confidential information.
05 Oct 2022, 0:48 (IST)
A fresh cache of texts between Tesla CEO Elon Musk and Twitter CEO Parag Agrawal was made public. In the texts, Musk told Agrawal that he does not want to be a boss, to which Agrawal responded by saying, "Treat me like an engineer instead of a CEO." However, despite the deal turning chaotic, Twitter's shareholders approved the $44 billion buyout. According to Twitter, more than 98.6 per cent of votes were cast in favour of the deal.
04 Oct 2022, 11:17 PM (IST)
Billionaire Elon Musk has proposed to buy Twitter for the original offer price of $54.20 a share, totaling $44 billion according to a Bloomberg report. The report stated that Musk made the proposal in a letter to Twitter. Following the report, Twitter was halted for volatility in the market for jumping 6.7 per cent.