Elon Musk’s Twitter Deal Looks Like ‘A Go’ At Original $44 Billion Price
Twitter said in a post on Oct. 4 that the deal for Elon Musk to buy Twitter will be completed at $54.20 per share, so it looks like the deal will go through.
Elon Musk, the CEO of Tesla and a billionaire, seems to be about to finish his $44 billion purchase of Twitter, even though it may have spam bots and fake accounts.
Musk is ready to “proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement,” according to a notice filed by his lawyers with the Delaware Chancery Court, which was in charge of the trial, on Monday.
It came after months of legal drama with the social media platform, during which Musk tried to back out of the deal by saying that Twitter wasn’t clear about spam bots, fake accounts, and the company’s financial health. It also came just weeks before an Oct. 17 court date to settle the matter.
Musk wants to make a deal, but only if there is “an immediate stay of the action,” a delay in the trial, and until he gets the money.
Twitter seems ready to agree to the terms of the deal. On Oct. 4, they said in a tweet that the deal will be closed at $54.20 per share.
It’s not clear if Musk changed his mind because of his upcoming court date. But the founder of Tesla and SpaceX has already hinted at plans for the platform once he owns it.
Buying Twitter is an accelerant to creating X, the everything app
Musk hasn’t said much about the proposed multi-purpose X app other than the cryptic tweet. However, in a follow-up tweet on Oct. 4, he said, “Twitter probably speeds up X by 3 to 5 years, but I could be wrong.”
A transcript of phone recordings shows that Musk once thought about using blockchain technology to stop spam bots by making Twitter users pay 0.1 Dogecoin (DOGE) to tweet or retweet.
“You have to pay a small fee to get your message on the chain, which will stop almost all spam and bots. Musk said on page 98 of the transcript, “There is no throat to choke, so free speech is guaranteed.”
Later, he came to the conclusion that a Twitter based on the blockchain might not be possible right now.
People on Twitter have mixed feelings about the idea that Musk could become the new owner of the social media site.
Bill Markus, who made Dogecoin and goes by the Twitter name Shibetoshi Nakamoto, told his 1.7 million followers: “If Elon Musk makes Twitter better, then Twitter will be better.” He also said:
“If elon musk ruins twitter, then we don’t have to hear all the stupid things that people say on twitter anymore. that’s a win-win.”
Other users weren’t as hopeful. One said he couldn’t believe “anyone who values Twitter at all would want @elonmusk to have anything to do with it.”
Nasdaq data shows that in the last 24 hours, the price of a share of Twitter stock has gone up by 22.24%, to $52.
CoinGecko data shows that Dogecoin has gone up by 8% and is trading at $0.06 at the time of this writing. In the past, Musk’s actions have caused Dogecoin to go up.
