SIMONE DEL ROSARIO: ELON MUSK HAS REPORTEDLY AGREED TO BUY TWITTER FOR HIS ORIGINAL OFFER PRICE OF $54.20 A SHARE, PUTTING AN END TO THE SIX MONTH SAGA THAT WAS HEADING FOR A CONTENTIOUS COURTROOM BATTLE.
ACCORDING TO REPORTS BY BLOOMBERG AND OTHERS, MUSK MADE THE $44 BILLION DOLLAR OFFER IN A LETTER TO TWITTER TODAY.
THE NEWS SENT SHARES IN THE COMPANY SPIKING AS MUCH AS 18% BEFORE THE MARKET HALTED TRADING.
MUSK MADE THE ORIGINAL OFFER BACK IN APRIL BUT SHORTLY AFTER BEGAN SOWING DOUBT IN THE DEAL, ACCUSING TWITTER OF HIDING THE TRUE NUMBER OF BOTS ON THE PLATFORM.
PRE-TRIAL HEARINGS WERE HEATING UP, AND REPORTS SAY MUSK’S LEGAL TEAM WAS STARTING TO DOUBT THEIR ABILITY TO WIN THE CASE. MUSK WAS SCHEDULED TO ANSWER QUESTIONS ABOUT THE DEAL LATER THIS WEEK.
A TRIAL IS SCHEDULED FOR OCTOBER 17TH, BUT GIVEN THIS LATEST DEVELOPMENT AND THE FACT THAT SHAREHOLDERS PREVIOUSLY APPROVED MUSK’S OFFER, IT’S LIKELY THE OUTSPOKEN CEO WILL SOON HAVE A NEW COMPANY TO CALL HIS OWN.
I’M SIMONE DEL ROSARIO, IN NEW YORK IT’S JUST BUSINESS.