Surfing off the previous long abrupt deal between the social media giant Twitter and the founder of SpaceX, Elon Musk, on Wednesday became the richest man with the end deal of the purchase after much hassle on ground legal issues. The deal costing around $44 billion finally received the shareholders’ nod.
Twitter already sued Elon Musk for allegedly violating the agreement. After a tough, turbulent, months-long courting, Musk announced in July that he was canceling his USD 44 billion purchase of the company. Since then, Musk has been involved in a heated legal spat with Twitter. Musk allegedly came under fire in the shareholder complaint, which was filed in late July, for rushing the acquisition with flimsy justifications. The five-day trial in the second third week of October in Delaware court ended in his favor which has been substantiated by the claims of the richest man on earth.
What made Elon Musk interested in buying Twitter
Elon musk being an influential personality and owner of several companies is also known to spend minimal on advertisements. His short but humorous tweets do the job of advertisement quite well.
Experts acquainted with the matter state that the influential power of twitter greatly fascinated Elon in this extravagant deal. The current market value of Twitter is $32 billion, which is much lower than the $44 billion offer made by Musk. It’s quite evident that the deal is not a two party deal but an investment into the face value of Elon’s other companies too.
Extension of Acquisition
During the hearing, the judge issues a determination regarding Musk’s duty to acquire the company and found Twitter’s legal representatives to be at fault while giving him an extension to complete the financial acquisition of one of the most powerful expository tools since the boom of the Internet began. Internationally as well as in Asia’s largest democratic country, Indian journalists have all gained mastery in staying informed and self-opinionated in the shortest possible words.
The agreement soured, however, because Musk claimed Twitter misled him about the volume of spam and bot accounts using the service.
In May, he stated that he no longer desired to buy the company, and then again
Whistleblower claims Twitter spent $33 million in three months on a Musk deal while deceiving the public.