Elon Musk had offered $ 44 billion, then cancelled

Shareholders' Approval of Twitter Deal: Elon Musk had offered $ 44 billion, then cancelled; Court hearing next month

Sep 14, 2022 - 00:33
Elon Musk had offered $ 44 billion, then cancelled

Shareholders of social media giant Twitter approved a $44 billion deal on September 13. A majority of Twitter shareholders voted in favour of Musk's $54.20 per share buyout proposal. The company did this deal with billionaire tycoon Elon Musk. However, Musk cancelled the deal, citing incorrect information on the spam account. In such a situation, Twitter reached the court regarding this. The hearing is to begin in the Delaware Court of America on October 17.
Musk did a tweet after cancelling this deal. In this, he had put four images and in a way made fun of the deal. Through these pictures, he said, "I can't buy Twitter. Then they did not give the bot account information. Now they are forcing me to buy Twitter. Now they will have to give the details of the bot account in the court."
Twitter had said, 'We are taking this action to prevent Musk from any further violations and to ask Musk to complete this deal. The lawsuit alleges that Musk breached several terms of the merger agreement. It has also been alleged that the entire episode has damaged the business and image of Twitter.
On April 14, Elon Musk offered to buy Twitter for $43 billion. Musk had said that I am offering to buy a 100% stake at $54.20 per share at a 54% premium from the day before I started investing in Twitter. This offer is my best and last offer and if it is not accepted, I will need to reconsider my position as a shareholder.
Musk owns a 9.2% stake in Twitter. Its information was revealed on 4 April. Musk may have offered $43 billion in the initial filing, but after Twitter's approval of the deal, this figure had reached $44 billion. However, Musk later said that he was cancelling the deal due to a lack of correct information about the spam account. Now Twitter wants them to complete this deal. For this, he has also reached court.

Muskan Kumawat Journalist & Writer