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The billionaire proposed to go ahead with the deal, just three months after publicly saying he was giving up buying the social network. The announcement sent shockwaves through the markets, sending Twitter shares soaring and raising expectations of what Musk might do with taking the company private.
Just 13 days before the trial that sought to resolve the dispute between the two parties, Elon Musk gave in to maintain his takeover bid for Twitter for the original price of 44,000 million dollars.
In April, the director of Tesla and the man considered richest in the world, announced the acquisition of the social network for $54.20 per share to take it off the stock market. Some time later, he accused Twitter of lying about the number of ‘bots’ or spam accounts that the company had provided and began several public criticisms that were negative for the reputation of the blue bird company.
Bots are automated accounts and their use can lead to overestimates of how many humans are on the service, which is important in determining advertising rates and the overall value of a social network.
“I’m sitting on company-wide strategy readings for 2023 and my guess is that we’re going to collectively ignore what’s going on,” wrote Rumman Chowdhury, Twitter’s director of machine learning ethics, transparency and accountability.
And although the underlying reasons that motivated Elon Musk to revive the April agreement are not known, the tycoon tweeted about it, alluding to his next business moves after making the purchase of the social network official.
Buying Twitter is an accelerating to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Twitter shares grew drastically
On Monday, October 3, Musk sent a letter to Twitter stating his intention to complete his public offer in the initial terms and on Tuesday a Twitter spokesman confirmed receipt of the letter.
Moments after the announcement was confirmed, Twitter Inc. jumped more than 22% to $52. For its part, Tesla, the electric car maker, also had a 2.9% gain, registering a trade of more than 27 billion shares, the highest turnover since mid-August according to Refinitiv reports.
The world’s richest man has previously sold $15.4 billion worth of Tesla shares since agreeing to buy Twitter and has repeatedly said he plans to sell more of his Tesla stake.
With AP, Reuters and local media.
