SAN FRANCISCO | Elon Musk has changed his mind again: the boss of Tesla finally offered Twitter to buy the social network at the price agreed in April, two weeks before the trial scheduled between the two parties on this eventful acquisition. /p>
The businessman “intends to conclude the transaction envisaged by the takeover agreement of April 25, 2022”, according to the terms provided, wrote his lawyers in a letter addressed to the Californian group on Monday, and filed Tuesday with the American stock market policeman, the SEC.
The only condition expressed in the letter: the end of the legal proceedings in progress before the specialized court of Delaware.
The title of Twitter took more than 22% at the close of the New York Stock Exchange, after having been suspended all afternoon “pending information”, after an article by the Bloomberg agency which revealed this twist.
Elon Musk had offered in the spring to acquire the platform for $54.20 a share, valuing it at $44 billion. The board of directors, at first very reluctant, ended up accepting.
But the whimsical entrepreneur unilaterally reneged on this agreement in July. Twitter then launched legal proceedings to force him to honor its commitment, and everything indicated that it was well positioned to win.
On Tuesday, the group confirmed in a brief press release “to have received the letter” and to have the intention “to conclude this transaction” at the set price.
“It is a clear sign that Musk recognizes that his chances of winning (…) are very low and that the 44 billion buyout was going to have to take place one way or another,” reacted analyst Dan Ives of Wedbush Securities.
Elon Musk bombarded Twitter with criticism before and after signing the contract, accusing the platform of censoring users.
He justified his backtracking by claiming that the proportion of spam and fake accounts on the platform was well over 5%, the figure put forward by the San Francisco company.
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Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my email@example.com 1-800-268-7128