After months of going forward and backward, Elon Musk took an unexpected U-turn in his reasoning and proposed that he proceeds with the deal at the agreed price. This is shocking to the world, to Twitter, and to Twitter’s employees.
Elon Musk’s legal team submitted a court filing where they claim that their employer is ready and willing to make the agreed acquisition. How and why does this come after months of legal negotiations and drama – only Elon Musk knows.
Elon Musk Changed His Mind? – He Will Proceed With The $44 Billion Buyout Of Twitter
As soon as Elon Musk submitted the filing Twitter’s stock market price topped more than 15%. The court filing became public, and reports started spreading the news and the company returned its previous worth. As the shares reached $52, there was a temporary suspension of trading decisions internally on Twitter.
Elon Musk should’ve entered the courtroom with Twitter’s representatives on the 17th of October. According to critics, his chances of winning the case were slim. But, he determined that he will take any chance of succeeding.
“We write to notify you that the Musk parties intend to proceed to closing of the transaction.” – Elon Musk’s lawyers’ statement reads. They submitted the filing to the Delaware court on Tuesday just before the dawn of the trial.
In the following court filing, Twitter reassured themselves that Elon Musk’s intentions are true. They also re-confirmed that Elon is intending to proceed at the agreed price.
“Twitter issued this statement about today’s news. We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.”
According to analysts and critics, Elon Musk finally started taking the advice from his legal team. The billionaire was due to undertake questioning under oath by Twitter’s lawyers. That should’ve been on Thursday and Friday as the trial made its first preparation steps.
“He will be a fool to not at least try to buy the company now and avoid a deposition.” – Alon Beck, a law professor at the Case Western Reserve University told Bloomberg. He added that this is likely the end of the trial. However, the sale process has much more to go.
“It’s not like they’re going to clear it up tomorrow.” – according to Alon Beck. “The parties still have to approve everything. Sign and finalize the deal, and Musk still has to come up with funds to close it.”
“Buying Twitter is an accelerant to creating X. The everything app.” – Elon Musk tweeted on Tuesday stunning all of his followers with a sudden change of mind.
