On Twitter deal revival, Elon Musk says buyout an accelerant to...| 10 points
Twitter on Tuesday confirmed that Musk sent a letter saying he will go through the deal he signed early this year to buy the platform for USD 44 billion.
Hours after it was revealed that billionaire Elon Musk has proposed to go ahead with his original Twitter buyout offer, in his first public remarks, he said that buying the social media platform would be an “accelerant to creating X, the everything app”. On Tuesday, Twitter confirmed that the world's richest person sent a letter saying he would go through the deal he signed early this year to buy the social media platform for USD 44 billion. Ever since it was announced, the world of tech has seen multiple hiccups in the deal, including Musk's refusal earlier, which also led to a legal battle.
Here are the top updates:
1. Twitter on Tuesday confirmed that Musk sent a letter saying he will go through the deal he signed early this year to buy the platform for USD 44 billion.
2. "Twitter issued this statement about today's news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share," an official statement read.
3. Elon Musk said that buying the social media platform is an “accelerant to creating X, the everything app”. "Twitter probably accelerates X by 3 to 5 years, but I could be wrong," he said in another tweet, without revealing much.
4. While Musk has not disclosed his plans entirely, he has said that he wants to make the social media platform “radically better.”
5. At Tesla Inc.’s annual shareholder meeting earlier this year, he had compared his ambitions for Twitter with the vision he had for X - a financial services company he co-founded in 1999, reported news agency Bloomberg.
6. “I do sort of have a grander vision for what I thought X.com or X corporation could have been back in the day. It’s a pretty grand vision, and obviously, that could be started from scratch, but I think Twitter would help accelerate that by three to five years," he had said.
7. Musk has been in a bitter legal battle with Twitter after he had pulled the plug on the buyout deal in July - claiming that he was misled by Twitter concerning the number of bot accounts on its platform.
8. Twitter hasn’t “complied with its contractual obligations” to provide information about how to assess how prevalent the bots are on the social media service,” Musk had said in a letter to Twitter.
9. On October 17, Musk and Twitter were expected to indulge in a face-off in Delaware's Court of Chancery - wherein the social media company was set to seek an order directing Musk to close the deal for $44 billion.
10. On September 13, Twitter shareholders had voted to accept the buyout offer as Musk submitted it. The company said at the time that 98.6% of the votes cast were in favor of the deal, however, Musk - who is the company's largest shareholder, reportedly did not vote.
(With inputs from agencies)