Elon Musk, the erratic billionaire, might be prepared to finalise that significant Twitter deal at least for now.
Musk and his supporters submitted a letter to the SEC on Monday(opens in new tab) asking for the sale to be restarted under the original terms. The news comes just days after some of Musk’s private texts (opens in new tab) between associates, acquaintances, and former
Twitter CEO Jack Dorsey were exposed in discovery and days before Musk was scheduled to be deposed in a case attempting to annul the deal. The recently made public texts provide insight into Musk’s opinions about the acquisition, Twitter, and its additional features (such as Twitter Blue), which he detests.
Up until now, Musk has claimed that Twitter has been grossly underestimating the number of bots using its service by lying(opens in new tab). Musk attempted to end the agreement after requesting more transparency. He tried to use Twitter, but it wouldn’t let him, so they ended up in court.
Twitter’s shares soared after hearing that the deal was once again on, and trading wasn’t resumed for a short while in the middle of the day. Since then, the share price of Twitter has increased to approximately $52.
According to the document, Musk is going back to his initial contract conditions from April. Source: SEC filing
Informing Twitter that the Reporting Person plans to proceed with the conclusion of the deal envisioned by the April 25, 2022 Merger Agreement, the Reporting Person’s advisors wrote to Twitter on October 3, 2022.
Elon R. Musk is identified as the “Reporting Person” towards the document’s top.
Musk was tweeting often about Russia and Ukraine in the hours before this news broke, engaging in Twitter debates with both chess champion and activist Gary Kasparov and Ukraine President Volodymyr Zelenskyy (opens in new tab). He has not yet made any public remarks about the file.
By the way, we did tweet Musk asking if the agreement was back on but received no answer.
However, he did blame Twitter’s bots for recent Twitter Polls outcomes that did not appear to go as planned. Musk has been largely silent about the Twitter deal and bots in recent weeks (opens in new tab).
His most recent endeavours have focused on leveraging Starlink Satellite communication services to assist Ukraine and, more recently, Florida after Hurricane Ian (opens in new tab).
To decidedly mixed reactions, Musk just unveiled his newest Optimus humanoid robot (opens in new tab).
Point being, Musk has been extremely busy, leading some to question whether he is still interested in purchasing Twitter.
For its part, Twitter probably needs some sort of exit, i.e., a new owner and the enormous cash injection that might go along with it. To be clear, no recent developments on the platform have slowed down. Monday of this week. Twitter stated that its new, limited tweet editing features would be available to Twitter Blue subscribers.
We are currently waiting to see if Twitter and Musk will be able to consummate the acquisition, finalise the agreement, and receive regulatory permission. The real fun, we assume, starts after that.
