After several long months of uncertainty, Musk’s takeover finally takes place.
Elon Musk, the CEO of Tesla (TSLA), has at long last finalized a deal to acquire Twitter (TWTR), according to sources cited by CNBC. The agreement has to be closed by October 28, Friday at 5 p.m. ET, the time at which Twitter’s previously postponed lawsuit against Musk to proceed with the transaction would have resumed.
The acquisition, which was first disclosed in April, encountered numerous obstacles along the way, including Musk’s worries about the volume of spam bots on Twitter, and Twitter’s adoption of a poison pill at one point to thwart the purchase. But earlier in October, according to a letter from Musk’s lawyers to Twitter’s lawyers that was also submitted to the SEC, Musk suggested pushing forward with the deal once more at the initially agreed-upon price of $44 billion, or $54.20 per share.
On October 27, at market close, Twitter’s shares were trading at $53.70, while Musk’s favorite crypto Dogecoin (DOGE) had been down by around 2.3%. In relevant news, Musk has already hinted that he might integrate DOGE as an option for various Twitter payments.
Meanwhile Musk has already fired several senior executives at Twitter including the CEO Parag Agrawal. Musk’s further plans for Twitter remain vague at this point.