Edgar Cervantes / Android Authority
TL;DR
- Elon Musk buys Twitter for the same price as his original offer.
- This news comes after Musk attempted to withdraw from his offer for unsubstantiated claims about Twitter’s bot rate.
- With the paperwork filed with the SEC, there is (probably) no turning back this time.
Billionaire Elon Musk Will Buy Twitter after all, it looks like (via TechCrunch). After making an offer to the social network and then trying to withdraw it, it seems Musk has seen no way out. Musk’s original offer price of $54.20 per share is final.
Prior to this filing, Twitter and Musk were on their way to court. Musk originally made the offer to buy Twitter and then tried to get out of the deal. His reasoning for this was his belief that 20% of Twitter users could be bots. Musk provided no evidence to support this claim. Meanwhile, Twitter claimed that bots only accounted for up to 5% of its users, which is still a lot, but not nearly as bad as Musk’s claims.
Due to the original terms of the deal, Twitter had every right to sue Musk in an attempt to force him to close the deal. Until this morning, Musk was on track to go to court and try to get out. However, something must have changed because now we have this SEC filing. Not only that, but the price of $54.20 a share is what Musk originally offered before all the legal drama started. It’s a dramatic turnaround that portrays Twitter as the victor in this battle.
Unsurprisingly, Twitter’s stock price skyrocketed following the news. At the time of publishing this article, it stands at $51.88, a huge jump from yesterday’s $43.84.