In a stunning reversal, Elon Musk has reportedly agreed to acquire Twitter at the original purchase price. After rushing into the deal earlier in the year, the Tesla CEO spent the entire summer attempting to back out of the deal. The two parties were due in court later this month, but that won’t be necessary. Musk is moving forward with the purchase, and he could be the owner of Twitter in a matter of days, putting an end to all litigation.
Via CNBC:
Elon Musk has reversed course and is again proposing to buy Twitter for $54.20 a share, according to sources familiar with the matter. A deal could happen as soon as Friday, the sources added.
Twitter shares jumped as much as 15% on Tuesday after Bloomberg first reported on the Tesla CEO’s plans to go forth with his deal to acquire the company. The stock was halted after the report.
As for why Musk suddenly reversed course, there are several theories on that front. The most likely reason is that he knew he would lose in Delaware Chancery Court thanks to his initial error of rushing into the deal. However, that doesn’t negate the need for funding to complete the purchase, and that’s where the conspiracy theories are flying.
A day before Musk announced that he would make good on his offer to purchase the social media platform, he was roundly embarrassed on Twitter for proposing a peace deal with Russia and Ukraine that earned him a blunt “f*ck off” from a Ukrainian ambassador. Musk’s terms were a little too favorable towards Russia, which has people speculating that the country may be helping to finance his Twitter takeover. Of course, others are arguing that Musk is simply stupid rich and totally willing to burn through his fortune to crush his opponents for mocking him. Or that he wants those comments out of the news cycle. Whatever the reason, this is apparently happening for real now.
You can see some of the reactions below:
Elon Musk got embarrassed on Twitter yesterday by a lot of the Western world, and continuing this lawsuit would’ve meant releasing more private texts.
There’s always a desire to over-intellectualize the decision-making of the richest guy in the world, but don’t over think this.
— Ben Collins (@oneunderscore__) October 4, 2022
If you think Elon Musk giving Trump, Project Veritas and Alex Jones a bigger social platform to manipulate will benefit the future of free speech, you’re totally delusional.
— Michael Edison Hayden (@MichaelEHayden) October 4, 2022
If Elon Musk ends up buying Twitter, pay attention to Russian financing of the deal.
— Richard Bejtlich
(@taosecurity) October 3, 2022
Someday there are going to be entire business school courses taught about the level of market manipulation Elon Musk has committed using only the 24 hours news cycle and his Twitter account.
— Sinfamous
(@renfamous) October 4, 2022
Elon Musk didn’t like that we were all laughing at him for being a gutless chickenshit so he’s going to buy twitter and shut us all up.
— Adam Parkhomenko (@AdamParkhomenko) October 4, 2022
If you’re Elon Musk, about $44bn it seems. https://t.co/lp5PjkoWi5
— Robin Wigglesworth (@RobinWigg) October 4, 2022
Wondering if part of Elon Musk’s willingness to abide by the original terms of his deal for Twitter includes a provision that he pay in rubles.
— Norman Ornstein (@NormOrnstein) October 4, 2022
The only reason Elon Musk suddenly wants to buy Twitter again is so he can ban the Ukrainian ambassador to Germany for telling him to fuck off.
— War Takes (@War_Takes) October 4, 2022
Elon Musk posts about resolving Russia’s war on Ukraine. Next day, report surfaces Elon will scrap legal battles and buy Twitter. Did Elon find a Russian funder?
— Don Lewis (@DonLew87) October 4, 2022
BREAKING: Elon Musk buys Twitter and introduces new CEO. pic.twitter.com/CMbjJJO8R9
— Sven Henrich (@NorthmanTrader) October 4, 2022
(Via CNBC)