The procedures for completing the agreement will proceed as soon as possible
Twitter changes hands and ends up at Elon Musk… Rapid developments in the technology sector as Twitter accepted Elon Musk’s $44 billion takeover offer. The deal is expected to be completed in the coming weeks, with formalities in place.
How Elon Musk returned to his offer
Trading was initially halted for five minutes and then suspended after the share price shot up +18%.
Bloomberg reported that billionaire Elon Musk has again offered to buy Twitter Inc for $54.20 per share, his original offer.
Twitter shares hit $47.93 on Wall Street, but at the same time shares in Tesla Inc, Musk’s electric vehicle company, were down 3%.
Musk’s proposal was made in a letter on Twitter, according to Bloomberg.
Musk agreed in April to buy Twitter for $44 billion, but within weeks he backtracked, arguing that the number of bot accounts was far higher than the company’s initial estimate that they represented less than 5% of users.
The development comes as the two sides were expected to face off on Oct. 17 in Delaware Commercial Disputes Court, where Twitter is seeking a ruling forcing Musk to implement the original deal by paying $54.20 per share.
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