After concluding a $44 billion deal to acquire the social media platform, Elon Musk, a multibillionaire businessman, now has complete authority over Twitter.
The agreement puts an end to the protracted and rocky relationship between Musk and Twitter, which began in April 2022 when he first made a bid to acquire the business.
Ned Segal, Twitter’s chief financial officer, and other top executives were sacked when Musk officially took control of the firm, according to CNN. Musk also removed Twitter CEO Parag Agrawal.
JUST IN: Elon Musk Purchases Twitter For $44bn, Reveals Why
According to an earlier report by Anaedoonline.ng, trading in the business’s shares on the New York Stock Exchange would cease on Friday and is not likely to resume because Musk has stated his intention to take the company private.
In premarket trading yesterday (Thursday), Twitter’s shares were trading at $53.92, vs Musk’s offer price of $54.20 per share.
After Musk claimed that Twitter had lied about the quantity of bots on the network, the arrangement between Musk and Twitter, which was first agreed upon on April 25th, was first placed on hold a few weeks later.
Before officially notifying Twitter of his decision to end the agreement on July 8, Musk and Twitter representatives exchanged back and forth. Musk claimed that Twitter had grossly understated the number of bot accounts in its public disclosures.
Twitter Takeover: Elon Musk Makes Huge $43 Billion Offer For Twitter
Four days later, Twitter filed a lawsuit against Musk to compel him to complete the deal. Twitter claimed that Musk’s justifications for doing so were false. On October 17, a trial was scheduled to take place in Delaware Chancery Court.
Then, earlier this month, Musk revived his offer to buy the firm at his original offer price of $54.20 per share, or $44 billion, which sent Twitter shares surging once more.
In a letter to Twitter, Musk’s attorneys stated that the company intended to proceed with the acquisition and urged Twitter to “adjourn the trial and all other actions relating thereto pending such closing or further order of the Court.”
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