Twitter Board to Enforce Elon Musk’s $44 billion Acquisition Agreement

We already know that Tesla CEO Elon Musk has decided to buy Twitter at $54.20 per share. But it seems like Musk has second thoughts about his $44 billion acquisition of Twitter. In this regard, Twitter has now issued a statement on the matter essentially saying, “No take backsies.” Twitter said it will enforce Elon Musk’s $44 billion acquisition agreement.

Twitter Board to Enforce Elon Musk’s $44 billion Acquisition Agreement

Twitter said,

“The board and Mr. Musk agreed to a transaction at $54.20 per share. We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement.”

See Also: Twitter announces hiring freeze as two top executives leave

Musk has just recently announced that its deal with Twitter is now temporarily on hold. He further revealed that Twitter had told him that spam and fake accounts represent fewer than 5% of users. Musk now says he wants to see the evidence for this. If the spam accounts are not less than 5%, Musk will rethink the deal. Twitter’s share price was $38.32 at end of trade on Tuesday. Musk could also lower the offered price.

On the other hand, Twitter has reaffirmed its commitment to the sale. Twitter really wants to lock in the deal considering Musk agreed to pay over 140 per cent of its current value.

It is worth mentioning here that Musk has recently revealed some of the future plans he has in mind for Twitter. He said that he is figuring out new ways to monetize tweets. He also highlighted the need for influencers and celebrities to be more active on Twitter.

Let’s see what actually will be the fate of Twitter. Whether Musk buys it at the offered price or the deal will go somewhere else.

Check Also: Elon Musk Twitter deal is “Temporarily on Hold”