technology

Elon Musk finally agrees to buy Twitter to end lawsuits


It is the new chapter of an endless story that opens. After scrambling for months to avoid having to buy Twitter, Elon Musk has changed his mind again and is about to get his hands on the social network at the originally advertised price of 54.20. $ per share.

A case that never ends

Via a letter to Twitter management and the North American competition policemanMusk “intends to complete the transaction provided for in the merger agreement of April 25, 2022” on the sole condition that “the complaint filed by Twitter be immediately suspended (…) as well as all other proceedings relating thereto”. On their side, Twitter shareholders seem to have given the green light by simply stating that “The company’s intention is to complete the transaction at $54.20 per share.” But the mass is not said for as much. Twitter may be asking for some insurance to be put in place to protect against yet another bloodshed from Musk, while the specter of a lawsuit still hangs over the case.

This twist was first revealed by Bloombergbefore being confirmed by the wall street journalwhich underlines the importance for Musk to put an end to the legal dispute which has opposed him to Twitter for very long weeks.

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During preliminary hearings, Elon Musk’s legal team feared that the case would not end well for the eccentric CEO. Even with recent revelations about very lax security practices at Twitter, Elon Musk’s defense seems shaky according to several sources interviewed by the American media. Unless we succeed in proving irrefutably that the number of fake accounts on the platform allowed Twitter to artificially inflate its stock market value, it will be difficult for Musk to emerge from this affair unscathed.

Cascading revelations

It is very possible that the businessman does not want the court to dig into his business either. Hundreds of messages between Musk and other Silicon Valley titans have already been filed, and the latter paint the portrait of a completely off-base Musk surrounded by advisers and friends unable to say no to him or go against him. A lengthy trial would reveal even more details about how the CEO of Tesla runs his business. The court has already authorized Twitter to search through Musk’s communications to find out if the businessman had contacted Peiter “Mudge” Zatko, the whistleblower behind the recent revelations at Twitter, in order to derail the company. ‘affair.

For the moment, no one knows exactly why Elon Musk suddenly turned around or even if Twitter is ready to accept the conditions dictated by Musk. Difficult for the company to bend to the whims of the CEO of Tesla after the latter dragged it through the mud for weeks. If the two parties manage to agree, the trial – supposed to start on October 17 – could be postponed or simply canceled. However, Elon Musk’s very many bloodshed have made this case complicated to follow and nothing says that a new twist could not occur in the coming days. The only certainty is that neither Twitter nor Musk will grow out of this affair.

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