TECH

Twitter falls into Elon Musk's lap again

In a move that is surprising to say the least, Elon Musk made a comeback by finally offering to complete the transaction for the acquisition of Twitter for $54.20 per share, that is, at the same price agreed last April, thus evaluating the social network at 44 billion dollars. Knowing that currently… Twitter's stock price is below the $50 mark.

In July, the world's richest businessman had still withdrawn his takeover offer and broken the deal reached in April. A waiver justified by the proportion of fake accounts and spam on the platform that would be much higher than the 5% announced by Twitter.

Twitter then decided to attack Elon Musk in court and a trial was due to begin on October 17th at the Delaware Court of Chancery.

After Elon Musk's theatrical coup, this trial is on hold. Judge Kathaleen McCormick sets an October 28 deadline for Elon Musk to complete his Twitter takeover and avoid a trial. If not, she will set a new date for the trial in November.

Distrust is on the side of Twitter's lawyers. In a letter sent to the judge, one of them wrote:

"Now, on the eve of the trial, the defendants say they intend to terminate after all, so they ask to be excused from a trial on the merits."

With opposition to the postponement "an invitation to more irregularities and delays in the trial, Elon Musk's proposal was received as "which did not exist in the original purchase agreement in April. It conditions the operation to obtain debt financing.

Elon Musk's lawyers believe the problem now lies with the social network for the takeover: Anyway, Judge Kathaleen McCormick decided to give Elon Musk a chance and didn't choose the October 28 deadline at random. It's based on a statement from Elon Musk's lawyers.

“By far the most likely possibility is that the debt will be financed, in which case the deal will close around October 28.”

In other words, this will have to be proven quickly… but it seems to me that Elon Musk just wants to buy time, and he shouldn't even have any intention of buying the social network.

"Twitter doesn't take yes for an answer. Surprisingly, they insisted on taking this legal action, recklessly putting the business at risk and playing in the interests of their shareholders."

mundophone