Twitter Soars After Musk Reportedly Willing To Consummate Deal At Original Price
Bloomberg is reporting, according to people familiar with the matter, that Elon Musk is proposing to buy Twitter Inc. for the original offer price of $54.20 a share, valuing the company at $44 billion.
Musk made the proposal in a letter to Twitter, according to the same sources.
The deal will include $13bn in debt from MS, and Musk paying $31bn in equity from his own (and friends, presumably) pockets.
Twitter shareholders voted Sept. 13 to accept the buyout offer as Musk submitted it. The company said at the time that 98.6% of the votes cast were in favor of the deal.
TWTR shares are soaring on the news (and halted for news pending)…
Notably TSLA shares are down on the news…
Musk had been trying for months to back out of his contract to acquire Twitter, signed in April.
What prompted the sudden fold? (Aside from the legal facts of the contract)
Did yesterday’s battle with the blue-checks over Ukraine Peace piss Musk off enough to just say ‘fuck it’?
Or was it news that he would be deposed on Thursday or Friday of this week? We wondered two weeks ago…
*Twitter CEO Parag Agrawal’s Deposition Scheduled for Monday Canceled for Personal Reasons, Sources Say — WSJ
*Elon Musk’s Deposition, Proposed for Monday, Pushed Back, Sources Say — WSJ
— zerohedge (@zerohedge) September 26, 2022
Either way, …cue the mass resignations?
And he will soon be unemployed: either Musk buys the company and fires him, or the deal collapses and TWTR trades at $20 https://t.co/YRdobwcVdn
— zerohedge (@zerohedge) October 4, 2022
Tue, 10/04/2022 – 12:12