Elon Musk Reverses Course, Puts Original $44 Billion Offer to Buy Twitter Back on Table
To comply with FTC regulations, all links could lead to commissions paid to the publisher. Please see Advertising Disclosure in sidebar.
AUSTIN, TX – Suddenly reversing course Tuesday after attempting to back out of the deal for several months, Tesla CEO Elon Musk created shockwaves by putting his original offer to purchase Twitter at $54.20 per share – which would equate to $44 billion – back on the table, causing shares in the social media microblogging platform to spike.
The Tesla CEO made headlines in early April when he purchased a 9.2 percent stake in Twitter – the equivalent of 73.5 million shares or $2.89 billion – making him the platform’s largest shareholder. Later that month, Musk then made an offer to purchase Twitter outright, which the company accepted.
Musk noted his plans to take the publicly-traded company private and make it a “platform for free speech” by greatly toning down the platform’s extremely strict content moderation policies.
However, the billionaire then stated that he was backing out of the deal in July, citing allegations that Twitter had misrepresented the number of spam and fake accounts among its user base. The company responded by filing a lawsuit against Musk in an attempt to force him to go through with the purchase, with the South African business tycoon filing a counter-suit in turn.
FREE DIGITAL SUBSCRIPTION: GET ONLY 'FEATURED' STORIES BY EMAIL
Big Tech is using a content filtering system for online censorship. Watch our short video about NewsGuard to learn how they control the narrative for the Lamestream Media and help keep you in the dark. NewsGuard works with Big-Tech to make it harder for you to find certain content they feel is 'missing context' or stories their editors deem "not in your best interest" - regardless of whether they are true and/or factually accurate. They also work with payment processors and ad-networks to cut off revenue streams to publications they rate poorly by their same bias standards. This should be criminal in America. You can bypass this third-world nonsense by signing up for featured stories by email and get the good stuff delivered right to your inbox.
Musk and Twitter had originally been set to meet before a Delaware judge on October 17; Tuesday’s move by the SpaceX CEO to reinstate his offer to buy the platform – for the same amount that Twitter shareholders agreed to in April – has Wedbush analyst Daniel Ives guessing that Musk is aware that his chances in court aren’t favorable.
“Being forced to do the deal after a long and ugly court battle in Delaware was not an ideal scenario and instead accepting this path and moving forward with the deal will save a massive legal headache,” Ives said. “We see minimal regulatory risk in this deal although now Musk owning the Twitter platform will cause a firestorm of worries and questions looking ahead among users and the Beltway.”
Get great news content like this for your business website. Search engines love sites with frequently updated quality content and reward them with better search rankings. Get High Quality Content Updates for your site.
or a specific category with our 
