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Tesla CEO Elon Musk will buy Twitter for $44 billion after all

Elon Musk, the richest man in the world and CEO of Tesla Inc., will close his controversial offer to buy the microblogging platform

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Twitter will become a private company soon as Tesla owner, Elon Musk, has confirmed his intention of buying the company at $54.20 (Rs. 4336 approximately) per share, according to a tweet put out by Twitter’s Investor Relations account. The deal has been mired in controversies ever since it was first confirmed in April 2022 after Musk offered to buy it on April 14, 2022. Musk will be shelling out $44 billion as initially announced in the April agreement signed between the parties. Why it matters: The deal had been a contentious one even before it was confirmed given Musk’s erratic demeanour. Musk and Twitter were set to battle it out before an American court as Musk had walked away from the deal in July 2022. It remains to be seen whether the latest announcement concludes this deal or is another twist in a long line of twists and turns. Why a sudden change of heart: There is no clarity on what led to Musk putting the deal back on track but TechCrunch had reported that Musk was getting "cold feet" in light of the war in Ukraine and the economic downturn across the world. What is Musk asking for: Musk has said that he will honour the deal only if the Delaware Chancery Court (where the case would be tried) orders an immediate stay of the action, and adjourns the trial, as per a notice sent to the SEC by Musk. What has transpired so far: Not long after the…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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