Elon Musk Officially Closes Twitter Deal for $44 Billion
The post Elon Musk Officially Closes Twitter Deal for $44 Billion appeared first on Consequence.
After much deliberation, Elon Musk has officially finalized his purchase of Twitter . He closed the $44 billion deal late on Thursday, October 27th.Per The Washington Post, one of Musk ’s first moves was firing top Twitter executives including CEO Parag Agrawal, chief financial officer Ned Segal , and Vijaya Gadde, head of legal policy, trust, and safety. The company’s general counsel, Sean Edgett, was also let go.“The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence,” Musk wrote on Twitter prior to formalizing the deal. “I didn’t do it to make money. I did it to help humanity, whom I love.” Twitter first accepted Musk ’s original offer to buy Twitter back in April, but he backed out of the deal just weeks later, accusing the platform of misleading or lying to investors about its number of daily active users and saying that the deal “cannot move forward” until Twitter proved that less than 5% of users are bots or spam accounts.The Tesla CEO formally attempted to pull out of the deal in July, writing in a letter to the SEC, “ Mr. Musk is terminating the Merger Agreement because Twitter … appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement.” Four days later, Twitter responded with a lawsuit that read in part: “ Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.”Then on October 3rd, Musk then expressed his renewed interest to purchase the social media giant in a letter: “We write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement,” it read. He also met with Twitter representatives in court the following day, where he agreed to buy Twitter at his original proposed price of $54.20 per share, or about $44 billion total.
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The post Elon Musk Officially Closes Twitter Deal for $44 Billion
Per The Washington Post, one of Musk’s first moves was firing top Twitter executives including CEO Parag Agrawal, chief financial officer Ned Segal, and Vijaya Gadde, head of legal policy, trust, and safety. Twitter first accepted Musk’s original offer to buy Twitter back in April, but he backed out of the deal just weeks later, accusing the platform of misleading or lying to investors about its number of daily active users and saying that the deal “cannot move forward” until Twitter proved that less than 5% of users are bots or spam accounts.
The Tesla CEO formally attempted to pull out of the deal in July, writing in a letter to the SEC, “Mr. Musk is terminating the Merger Agreement because Twitter… appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement.”
