Elon Musk is proposing to proceed with his original $44 billion bid to take Twitter Inc private, security filings showed on Tuesday.
An agreement would put the world’s richest person in charge of one of the most influential media platforms and end months of litigation that damaged Twitter’s brand and fed Musk’s reputation for erratic behavior.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Twitter received Musk’s letter and intended to close the deal at the original price, a spokesperson told Reuters. Twitter did not say whether it accepted Musk’s offer. “None of these analyzes so far as we can tell remotely supported what Mr. Musk told Twitter and told the world,” Twitter lawyer Bradley Wilson told the court.Article content
That echoed suggestions he made to Twitter staff in June about creating a “super app” or marketplace for different apps and features like WeChat, which is popular in China. Musk also has said he wants to create a money transfer feature.A settlement between the two sides would revive fears among Twitter’s users about Musk’s plans for the platform, which has removed prominent politically conservative voices. Supporters of Donald Trump hope that Musk will reactivate the account of the former U.S.
A settlement at the original price would also allow Musk to finance the transaction without any complications. If Musk and Twitter had renegotiated the price, it would have technically allowed committed backers to walk away.Musk has also secured a financing commitment from banks – including Morgan Stanley, Bank of America Corp, Mitsubishi UFJ Financial Group Inc and Barclays Plc – to provide a $12.5 billion margin loan to support his Twitter acquisition.
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