Elon Musk will proceed with $44 billion Twitter buyout

Elon Musk will move forward with Twitter buyout

Elon Musk will proceed with his proposed takeover of Twitter.

Elon Musk will move forward with Twitter buyout
Elon Musk will move forward with Twitter buyout.

The deal will move forward with Musk’s original offer of $54.20 per share, Bloomberg reports.

Musk reportedly made the proposal in a letter to Twitter, according to “people familiar with the matter” who spoke to the outlet.

Twitter shares spiked more than 13% to $48.13 following an earlier report of the agreement. They were halted for pending news. 

Prior to the report, Musk was embroiled in a legal dispute with Twitter over the sale of the platform. He alleged the social media platform was not forthcoming with its bot and spam account numbers and wanted to back out of the deal. 

Twitter sued Musk over his refusal to proceed with the deal. Musk would have been deposed by Twitter’s lawyer’s on Thursday and Friday. It’s possible the last-minute deal was made in part to avoid the deposition, the New York Post reports.

If Twitter accepts Musk’s offer, it would then withdraw its lawsuit against Musk. Likewise, Musk would withdraw a countersuit he filed against the company. 

Musk first agreed to buy Twitter for $44 billion — $54.20 per share — in April.

“Twitter has extraordinary potential. I will unlock it,” wrote Musk in a letter to Twitter at the time.

The offer came after Twitter CEO Parag Agrawal tweeted Musk’s refusal to join the company’s board of directors. At the time, many believed Musk’s refusal signalled that he didn’t want his shareholder status limited to 15% and that he may have wanted more control of the company.

After the announcement, Conservative accounts saw massive upticks in followers overnight, leading to speculation that Twitter ended its shadow ban of accounts whose political views the company didn’t agree with.

It’s also possible previously deactivated accounts may have come back to Twitter following the news of Musk’s takeover. As well, some suspended accounts were reinstated.

This is a breaking news story. Please check back for updates.

Share this story

Donate now to keep us on the front lines:

Help Keep your News Free

It's crucial we stay in touch

Big Tech wants to censor us, that’s why you need to stay in touch.

[wpp limit=6 order_by='views']

YOU MIGHT ALSO LIKE THESE...

Trending News

Canadians are calling on the Poilievre Conservatives to create a Canadian-DOGE. Here’s what the Conservatives are saying.

Mike Campbell

November 15, 2024

Trending News

Musk predicts Trudeau will lose the next election in his latest swipe at the PM.

Mike Campbell

November 7, 2024

Trending News

After spending years in legal battles to mandate social media training for Dr. Peterson, the Ontario College of Psychologists has informed him that they can’t find anyone willing to face international embarrassment.

Mike Campbell

October 11, 2024

Trending News

“Canadians should ask themselves: do you want to live in a country where your Charter rights can be abrogated at the whim of some unelected and fundamentally unaccountable committee, operating in the background, essentially anonymously, and possessed by some current ideological whim or idiocy?”

TCS Wire

September 16, 2024

Trending News

Dr. Peterson announces another five complaints made against him for one post he made criticising Kamala Harris.

Mike Campbell

September 10, 2024

Want to join the conversation?

Sign up now to be able to like, comment and reply to other members. A full membership to our site includes:

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services. You consent to our cookies if you continue to use our website.