Elon Musk Offers To Buy Twitter Again: Tesla CEO Elon Musk once again intends to buy Twitter. For this, he has offered to buy Twitter at the original price of $ 54.20 per share. Twitter has also agreed to his offer. He wants to finalize the deal at Musk’s offered prices, but the deal has been questioned because Twitter and Musk’s October 17 Delaware Chancery Court trial is still pending. Elon Musk’s months-long struggle with Twitter took another turn on Tuesday (October 4). Allen struck a deal with Twitter in April to buy it for $44 billion, and he later backed out. It is still there after the matter of this deal went to court. Twitter says it intends to close the deal at previously agreed prices, but Musk’s earlier attempts to terminate the deal could hit it off.
Musk owns Twitter yet?
Elon Musk does not have Twitter and it is still not clear whether he is going to take over this company or not. This week Musk’s lawyer sent a letter to Twitter. It said that Musk would complete the deal as promised and for this he would raise cash. Along with this, Musk has also placed a condition for Twitter in this letter. According to this, Twitter will have to withdraw the lawsuit filed against Musk in Delaware Chancery Court. But Twitter doesn’t seem likely to drop its legal proceedings against Musk until Musk confirms that the deal is genuine this time around and not a tactical gambit. Is.
Musk-Twitter deal what next?
The judge, presiding over the Delaware case, has not yet made any public advice or comment on Musk’s new offer, but anything he has to say could affect Musk’s new offer. Based on this, the further steps and framework of this deal will be decided. Tulane University associate law professor Ann Lipton said that the interrogation of Twitter lawyers is going to begin on Thursday (October 6).
It is feared that the trial of October 17 could also go ahead, if Twitter is not assured that the deal has been sealed according to the earlier legal agreement between Musk and the company. Law professor Lipton says that “Twitter will not allow that process to stop until it is 100% sure that it will get the money according to the deal.” She says that if the deal goes through, Musk could be in charge of Twitter in a few days, although it will also depend on how long it takes her and co-investors to raise the cash for the deal.
what is the matter
In fact, Musk signed a legal agreement in April this year. In this, Musk agreed to buy Twitter for $ 54.20 per share. It was also said in this legal agreement that if either of the parties does not agree to this deal, then they will have to pay 1 billion dollars to the other party. Then Musk also said that he had the ability to buy Twitter and would buy it for $ 44 billion.
Elon Musk could not live up to his promises regarding this deal. He did not spare even the top executives of Twitter to the board of this company. Musk left a lot of sarcasm on Twitter through his tweet. He even alleged on Twitter that it was full of spam accounts and he was kept in the dark about it. Making this the basis, he withdrew from this deal about 7 months ago.
When Twitter Reached Delaware Court
Angered by this promise of Musk, Twitter had approached the court. Earlier, Twitter chairman Bret Taylor had made a tweet. In this, he said that the Twitter board is committed to finalizing the transaction at the agreed prices and terms with Musk and is planning to take legal action to enforce the merger agreement. We are confident that we will win the Delaware Court of Chancery.
The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.
— Bret Taylor (@btaylor) July 8, 2022
Musk’s objection to Twitter case
It is believed that the criteria for deciding whether to terminate or withdraw from a deal in a Delaware court are very strict. In such cases, the deal is often reconsidered, manipulated and presented in a new way or the person who backs out of the deal has to pay some price in return for putting the matter down. Social media giant Twitter’s civil trial against billionaire entrepreneur Elon Musk is scheduled to take place on October 17 in Delaware Chancery Court.
This decision was given by a judge in this fast-track court case late on Thursday (July 28). Then this 5-day trial was considered a victory of Twitter. It was a victory for Twitter, as it asked Musk to expedite a deal to buy the Twitter platform for $44 billion before backing out of the deal in this court case. However, Musk’s companies Tesla Motors and SpaceX objected to this fast-track lawsuit by Twitter.
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Elon Musk Twitter Deal: Elon Musk once again sent letters to buy Twitter – report
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