How the turn tables are used. As Musk continues to have second thoughts about his $44 billion acquisition of Twitter, the microblogging company has now issued a statement on the matter essentially saying, "No take backsies."
The board and Mr. Musk agreed to a transaction at $54.20 per share. We intend to close the transaction.
Musk has been asking for proof that the number of accounts on the platform is less than 5 percent in order to potentially change his deal to buy the platform. The billionaire claims his multi-billion dollar offer was based on the fact that the company's value to him would be vastly different if it wasn't true.
Musk has said that he has put the deal on hold until he is satisfied with the details. If they are not, he will attempt to negotiate a lower price for the company than the originally agreed price. At the end of trade on Tuesday, the share price was $38.32.
Apparently, the attitude that Musk has towards the sale is that he has to take it, and that's why Twitter has kept its commitment to the sale. Considering that Musk agreed to pay over 140 percent of its current value, it makes sense that Twitter would want to lock in the deal.
Musk jumped from a 9.2 percent stake to his first, only, and final offer for the whole thing within a few weeks, putting pressure on the company. Musk may be regretting that now.
All Rights Reserved © 2024
