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Elon Musk Agrees To $44 Billion Twitter Purchase

Source: NurPhoto / Getty

Phony Stark, aka Elon Musk, wants to buy Twitter. No, for real this time. We think.

Yahoo! Finance reports the Tesla chief finally agreed to purchase Twitter, and the social media company has also decided to honor Musk’s initial proposal.

Per Yahoo! Finance:

Twitter has agreed — once again — to Elon Musk’s proposal to buy the company for $54.20 a share. In a statement, Twitter confirmed it had received Musk’s letter that “the intention of the Company is to close the transaction at $54.20 per share.”

The agreement follows months of legal drama after Musk tried to back out of his original agreement to buy the company for $44 billion this spring. The two sides were set to go to trial later this month as Twitter attempted to force Musk to keep up his end of the agreement. 

Musk had claimed Twitter had misled him about the number of bots on the platform, and had raised concerns about issues disclosed by the company’s former head of security who filed a whistleblower complaint against the company.

So what does that mean? According to Musk, it could mean that Twitter could become a part of his “everything app, which he has dubbed “X.”

Following the announcement, he tweeted, “Buying Twitter is an accelerant to creating X, the everything app.”

Litigation Between Elon Musk & Twitter Has Not Come To An End

According to NBC News, Elon Musk and Twitter have yet to reach an agreement to end litigation that would pave the way for the deal to go through.

Per NBC News:

Elon Musk and Twitter have not yet reached an agreement to end the litigation and clear the way for the world’s richest person to close his $44-billion deal for the social media platform, two sources familiar with the litigation told Reuters on Wednesday.

“Keep an eye on the docket,” said one source.

Twitter’s legal team and lawyers for Musk, the world’s richest person, updated the judge who is overseeing the litigation on Tuesday to try to overcome mutual distrust and find a process for closing the deal.

Musk is scheduled to be deposed on Thursday in Austin, Texas.

“That’s the pressure point,” said a second source.

It sounds like a complicated mess, but we hope Musk owning Twitter doesn’t ruin the social media platform. But we honestly have little faith in Musk running it properly.

Photo: NurPhoto / Getty

 

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