The #Elon Musk rescue a bid to buy #Twitter Inc. at the original price of $54.20 a share, backtracking on his effort to quit the deal and Musk sent his proposal in a letter to Twitter on Monday.Based on San Francisco Without addressing Musk personally, Twitter stated that it had received the letter and wants to close the deal at the agreed-upon price.
For Twitter, proceeding with Musk’s plan a future under a billionaire who has spent months for criticizing its management, questioning its value and changing his mind. Twitter shares fell 0.6 per cent in premarket trading after closing 22 per cent higher at $52 in New York on Tuesday. Musk had been attempting for months to cancel his April agreement to purchase Twitter. Shortly after the announcement of the acquisition, the billionaire started displaying symptoms of buyer’s remorse and claimed that Twitter had misled him regarding the size of its user base and automated accounts known as bots.
General Counsel Sean Edgett praised staff members for their patience as the firm works through the legal challenges in an internal memo to Twitter employees that Bloomberg News was able to access on Tuesday. I’ll keep you informed of any important updates, he wrote. After the news surfaced, trading in Twitter shares was suspended; it didn’t restart until the business acknowledged receiving Musk’s letter. Shareholders of Twitter decided on September 13 to accept Musk’s acquisition bid in its current form. At the time, the business reported that the purchase had received support from 98.6% of voters.
According to two people acquainted with his decision, Musk, Twitter’s largest shareholder, cast no votes at all. When he decided to buy Twitter, Musk held more than 73 million shares, or close to 10% of the firm. According to a court document filed on Tuesday, Musk was set to respond to inquiries regarding the sale in Austin, Texas, on October 6-7. Monday was the date set for Parag Agrawal, the CEO of Twitter, to begin his deposition.
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