The storyline this year of Elon Musk’s planned purchase of Twitter to him stepping away followed with a ongoing legal battle may soon be reaching its conclusion.
A new report (via Bloomberg) notes sources close to the matter that the original deal will go through.
The terms of this buyout is the same as before, where shareholders of Twitter would receive $54.20 in cash for each share of common stock upon closing. Which would be a premium of roughly 13% from where they closed today at 47.96. Where Twitter share prices jumped up in response to this news.
Our spaceman son himself seemingly confirmed the news with yet another tease, in a tweet:
“Buying Twitter is an accelerant to creating X, the everything app,” Musk said on Twitter after the report started making the rounds.
This lines up with quiet financial changes Elon and his team did on the backend, back in April right when his bid for the bird app got serious. Musk registered three new companies under variations of “X Holdings,” “X Holdings II,” and “X Holdings III,” all of which will help finance his purchase of Twitter.
The assumption is that Musk will bring Tesla, SpaceX, and Twitter under this new parent company as one super company. His latest tweet definitely seems to suggest that is where his goals lie.
This news comes merely weeks before the planned court date of October 17th, in Delaware’s Court of Chancery. This court hearing is where Twitter would have to convince a judge to have Musk go through with the original $44 billion purchase.
Musk had wanted to walk away from the deal back in July, citing the social media giant had misled him on the number of bot accounts on the site, as well as having questionable security on user data. The latter of which also had Twitter’s ex-security chief siding with Musk, while also planning to testify in front of Congress on the matter.
Ultimately, we won’t know until the final motions for such a monumental acquisition are inked and the sale is finalized.
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