After 6 months of the Twitter/Elon Musk saga, things are taking another turn.
Musk’s legal team appears to be telling Elon he will most likely lose if Twitter’s lawsuit against the wealthiest man on Earth goes to court.
As a result, the SpaceX and Tesla CEO is reportedly moving forward with his acquisition at his original offered price of $54.20 per share.
Musk had originally offered to buy the social network in April, but has subsequently attempted to withdraw from the deal, citing concerns about bot numbers on the platform.
Sources have told Bloomberg that Musk made the proposal in a letter to Twitter on Monday, according to a filing with the Securities and Exchange Commission that confirmed a Bloomberg report.
“Shares of Twitter climbed as much as 23% when they resumed trading following a halt on the news. San Francisco-based Twitter said it received the letter and intends to close the deal at the original price, without commenting specifically on how it will respond to Musk.
Musk’s legal team was getting the sense that the case was not going well, as Judge Kathaleen St. J. McCormick sided repeatedly with Twitter in pretrial rulings, according to one person familiar. Even with the late emergence of a Twitter whistleblower who alleged executives weren’t forthcoming on security and bot issues, there were concerns Musk’s side would not be able to prove a material adverse effect, the legal standard required to exit the contract.
Unlike Twitter’s woke employees who have been vehemently opposed to Musk’s acquisition, claiming via internal communication to be concerned about the billionaire’s promise to make content moderation free speech-friendly, the company’s board nonetheless took Musk to court to force him to go through with the deal.
In addition to the far-left employees’ objections, globalists were also gearing up for an extended battle hoping to stop free speech from returning to one of the web’s most popular stops for political media personalities hoping to connect with the millions of users of the platform.
Former Microsoft CEO Bill Gates signed a letter signed with 26 organizations calling on shareholders to “Stop the Deal.”
Those opposed to the deal were vocal right out of the chute. They were reportedly worried about the transformation of the free speech censoring, Big Tech social media platform.
“If we don’t stop this deal, he’ll hand a megaphone to demagogues and extremists, who will cheer him as they incite more hate, harm, and harassment,” said Accountable Tech, one of the leftist nonprofits opposing the deal said at the time.
“Elon Musk is a wolf in expensive sheep’s clothing whose Twitter takeover is motivated by ego and grievance,” Accountable Tech executive director Nicole Gill said in a release.
Investors are happy about the prospect of the Musk takeover going through. Twitter’s share prices skyrocketed by as much as 18% on the news.
The offer would value Twitter at approximately $44 billion.
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