If you’ve been following the situation with Elon Musk wanting to buy Twitter, we don’t blame you for feeling sick and tired about the whole thing. The Tesla owner has been flip-flopping on the matter since the beginning, with the previous development being social media platform suing him to make him follow through with the purchase. Now, it looks like he wants to buy the platform again.
As The Verge reports, Elon Musk said in a filing to the US Securities and Exchange Commission (SEC) that he will “proceed to closing of the transaction” on its original terms. This means buying Twitter for US$54.20 (~RM251) a share. But this is on the condition that the lawsuit by the social media platform to compel Musk to make the purchase be adjourned. This suggests that, at some point, he has decided that things will not be going in his favour.
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Naturally, Musk said on the platform he now wants to buy once again that it has something to do with creating an “everything app” simply called X. Though it’s unclear what exactly the Tesla CEO is planning with this.
If you need a refresher on the whole chain of events, Elon Musk became the single largest individual shareholder of Twitter back in April, with a 9.2% stake in the company. Shortly after, he was appointed to the company’s board of directors, a spot which he would later decline. Days later, Musk would move on to acquiring the company for the aforementioned US$54.20 a share.
Then in May, Musk put the deal on hold, citing bot numbers. Things got about a month to cool off before in July, Musk started the process of terminating the deal. Having none of that, Twitter took legal action to compel Musk to follow through with the deal, which leads us to where we are today.
(Source: The Verge)