Tuesday, December 06, 2022

Elon Musk’s turn: He again offered $44,000 million for Twitter, which took off 22%

Elon Musk's turn: He again offered $44,000 million for Twitter, which took off 22%

the decision was made after Four attempts to cancel a businessman’s purchase through various arguments. In these efforts, the company alleges that they generated a loss of value. in the end Requested access to more information about the companyA request that was rejected by the judge in the case.

next Hearing will start from October 17 Between Musk and Twitter to force the buyout of the company. According to the headlines of the social network, a change in opinion of the tycoon caused the company’s value to drop by 10%.

Before Tuesday’s announcement, Twitter share stood at $42.54, After Musk announced the purchase April, shares climb to $54.57,

For his part, the businessman argued that the company lied to him about the amount of bot who had the stage. To validate this argument, he added as evidence that Twitter paid millions in compensation to his former security manager, who warned about the proliferation of bots on the social network.

The initial settlement, which will be completed if Twitter accepts Musk’s offer, will make the company’s transactions total $44 billion,

In the weeks before the Delaware ShowdownMusk’s lawyers were required to show that Twitter violated the terms of the deal, while Twitter alleged that the tycoon used the bot problem as an excuse to pull out of a deal that was now financially sound. was not.

However, Judge Kathleen St. Jay McCormick repeatedly associated herself with Twitter in pre-trial decisions, According to a person familiar with it, and there were concerns that Musk’s side could not prove a material adverse effect, the legal standard required to get out of the contract.

This would have forced Musk to reconsider going back to the original offer and to avoid a decision prejudicial to his own interests.who will bring high cost.

Twitter shareholders voted on September 13 to accept the buyout offer presented by Musk, an option supported by 98.6% of the votes cast.

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