After so many legal battles, Twitter finally accepted Elon Musk’s offer to buy it for $44 Billion on Tuesday.
Earlier this year, the Billionaire and the Ceo of Tesla made a proposal to purchase Twitter.
According to a Tuesday SEC filing by Twitter, Musk made the proposal in a letter to Twitter, offering to close the deal at $54.20 per share.
This came just two weeks before a trial in Delaware Chancery Court was set to begin on Oct. 17. To hear the lawsuit Twitter filed to force Musk to honor the original offer price.
Elon Musk’s lawyers said that they sent a letter to Twitter stating that, they ‘intend to proceed to close of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby’.
Bloomberg and other news outlets reported earlier Tuesday that Elon Musk had reversed his decision to proceed with the Twitter deal on the original terms.
Twitter’s stock price increased by up to 18%. Tuesday, following the Bloomberg report.
Investors in Twitter undoubtedly expected Musk to respect his commitment and pay the $44 billion he promised. Investors endorsed Musk’s takeover of Twitter at a special shareholder meeting, which the company claimed fulfilled the final closing condition.
Who is Elon Musk?
Elon Reeve Musk known as Elon Musk was born on June 28, 1971. He is a successful businessman and investor.
He founded The Boring Company, is the CEO and chief engineer of SpaceX, an angel investor, the CEO and chief product architect of Tesla, Inc., and a co-founder of Neuralink and OpenAI.
As of September 26, 2022, his estimated net worth was roughly $238 billion.
According to both the Bloomberg Billionaires Index and Forbes‘ real-time billionaire list, Musk is the richest person in the world.
In 2013, Musk spent almost $1 million on a Lotus Esprit. It was a 1976 model that had been modified to serve as James Bond’s underwater vehicle in the motion picture “The Spy Who Loved Me.”
Musk later said that he used the car for inspiration when designing his Tesla Cybertruck.
Musk helped establish the online bank X.com, which later merged with another business to become PayPal. PayPal was purchased by the online retailer eBay in 2002 for $1.5 billion. Musk, one of PayPal’s biggest stockholders, profited from the deal in the amount of at least $175 million.
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