World’s Richest Business Tycoon, Elon Musk, Officially Owns Twitter Worth $44 Billion

Twitter, a microblogging and social networking service, is owned by an American Company, Twitter, Inc., wherein the users post and interrelate with memoranda known as “TWEETS”. Registered users can post, like, and retweet tweets, but unregistered users only have a partial facility to read public tweets. By 2012, 100 million users posted 340 million tweets daily, and the service fingered an average of 1.6 billion pursuit queries daily. Later in 2013, it was one of the ten most-visited websites, described as “The SMS of the Internet”. By 2019, Twitter had gathered 330 million plus monthly dynamic users. 

A Throwback Of The Acquisition!

On Thursday, i.e. 14th April, World’s Richest Businessman, Elon Musk, pronounced an offer to buy Twitter for $54.20 per share. Besides, on 25th April, Twitter accepted the deal. By the 8th of July, Musk wanted out. Currently, on 27th October, considering all accounts, the Grand New Owner of Twitter is Elon Musk. This is a mammoth story having a lot of fast-moving parts to it. It’s also a story that will likely stretch out over the upcoming few months or maybe even longer. So, let us understand the actual deal between Elon Musk and Parag Agrawal.

• Musk, Ostensibly Ready To Pay Fully And Buy Twitter

On 4th October, Musk sent an alternative offer letter to buy Twitter at the original price, i.e. $54.20 per share. This simply meant that after a huge chaos, Musk was alacrity to just give up and proceed with the acquisition. The new offer timing is strange, but the fact that Musk never offered a ‘big-but-not-as-big’ number to try and resolve the deal once. It came just before Musk was scheduled to be overthrown and after a slew of humiliating texts between Elon Musk and his billionaire friends came out. Twitter’s share price approximately pointed to the news. Eventually, the judge paused the chronicles, giving Twitter and Elon Musk until 5 PM ET on 28th October 28th for a deal based on their unusual agreement.

• Musk’s Texts Revealed, Learnt about How the Deal Fell Apart

Jack Dorsey, Joe Rogan, Larry Ellison, Jason Calacanis, and Musk texted several people regarding the Twitter deal. Thus, those messages revealed and gave us insight into how the deal came organised and fell apart. Stuff got particularly chaotic when Twitter CEO Parag Agrawal asked Musk to end tweeting damaging company-related things. Musk decided not to link the board, launching his strategy to acquire it privately. Everybody was falling over themselves to render money to Musk to make it happen. The texts are weird and hysterical and very much worth reading.

• Musk Delayed the Trial Again, but It Unworked

Musk’s lawyers sent three letters to Twitter bidding to dismiss his agreement to buy the company. This time, they cited Twitter’s multimillion-dollar compensation payment to Zatko, mentioning it violated the merger agreement and the purpose of the deal. In early September, Delaware Chancellor Kathaleen McCormick said that Musk could include Zatko’s dues in its case but repudiated yet another effort to delay the trial. “I am convinced that even four weeks’ interruption would risk further harm to Twitter to justify,” McCormick said. 

• He Tried Using the Twitter Whistleblower to Relief the Deal

Musk and his team tried to use Zatko’s exposures about Twitter as a casual way to maybe get out of the deal. His lawyers filed a new “Termination Letter” with the SEC on 29th August, which cites Zatko’s demonstration as evidence that Twitter deceived Musk in the parties’ merger agreement. Musk claims that Twitter’s assertion in the merger agreement had not misled the SEC is untrue. Twitter retorted, saying that they hadn’t breached any agreement.

• Musk Reverted Plan, Traded Another $6.9 Billion in Tesla Shares

The bankrolling edifice of Musk’s Twitter acquisition shifted over time. Still, even after promising in April, “No further TSLA sales deliberate after today,” Musk sold one vast batch of his shares. “In the event that Twitter militaries this deal to close and some equity partners don’t come through,” he tweeted soon after, “it is vital to avoid a substitute sale of Tesla stock.”

• The Trial Begins On 17th October

Musk’s side required more time, and the trial would start next year in February 2023. Twitter sought it to flinch as soon as possible. Chancellor McCormick, who will supervise the trial, said the trial would start on 17th October and last for five days. Of course, the two sides don’t relax, which remains anyone’s conjecture.

• Twitter Accused Elon Musk of Losing Their Money

Twitter seems to be feeling the Musk Effect when it reported earnings in July; the company said its income fell for a variety of macroeconomic explanations but also because of the “Ambiguity related to the unresolved acquisition of Twitter by an associate of Elon Musk.” One thing Twitter wouldn’t give Musk recognition for? Its employer growth. The service reported 237 million plus daily users, higher than 229 million in the last quarter. That, of course, was because of the “Constant Product Improvements.”

• Elon Musk’s Case Claiming Twitter Stanched Fraud

Understanding a 162-page legal filing deepens the weeds of bot measurement dealings is worth understanding. But this case has been filled with peculiarly spicy legal fighting, much of which was written to be read by a wide range of spectators. It’s a good anecdote.

• Twitter Litigated Musk for an Attempt to Abandon Deal

As soon as Musk cleared his purposes to get out of purchasing Twitter, Twitter filed a lawsuit that said, “You agreed to pay $44 billion for Twitter, intending to get all $44 billion for our shareholders. Twitter filed its suit in the Delaware Court of Chancery, which directly became the most sensational judicial system nobody had ever heard of. It depicts Musk going out of his way to make an unforeseen and remarkably generous offer to Twitter, only to almost instantly turn around and twitch, toying with the company, having the idea of vacating their agreement.

• ·         Musk Legitimately Tried To Bail on Buying Twitter

Weeks after declaring his intention to buy Twitter, Musk tried to exclude as it claimed he was dismissing the deal because Twitter was in “material breach” of their contract, making “false and misleading” reports during negotiations. In particular, Musk was anxious about the fake or spam accounts on Twitter and Twitter’s unwillingness to attest to its research.

• Musk Exposed To Clash Twitter Deal, ‘Breach’ Of Agreement

Musk’s legal team made its first official menace to exclude from the acquisition. In a legal filing, they claimed Twitter botched to provide info on the service’s spam bot problem to Musk, entitling them to receive information amid the deal agreement. 

• Musk, “The Deal Cannot Continue”

“My offer was based on Twitter’s SEC filings being precise,” Musk tweeted, referencing Twitter’s oft-cited number, less than 5% of the Twitter accounts were fake or spam. “Yesterday, Twitter’s CEO publicly refused to show the resilience of <5%. This deal cannot move forward until he does.” Thus, Musk decided he wanted to be out of the acquisition.

• Twitter CEO Parag Agrawal Pushed Froze Hiring

Parag Agrawal, the company’s still-new CEO, fired some of his top executives, including Consumer Product Leader KayvonBeykpour and Bruce Falck, the General Manager of Revenue, along with the head of product for its business purpose. “The urgencies and decisions we make at present will not only strengthen the navigation through this time,” the CEO said to Twitter’s staff.

• Musk To Officially Acquire Twitter For $44 Billion

On 25th April, Twitter’s Board of Directors accepted Musk’s offer of $54.20 per share, or $44 billion, for owning the company. After the completion of the transaction, Twitter will become a private company. Musk started to line up financing for the deal by selling 9.6 million of his Tesla shares to vacant about $8.4 billion.

Best And Final Deal For Elon Musk

In his opening bombardment, Musk claimed his bid to buy Twitter was exactly that. He offered Twitter’s shareholders a fair premium, i.e. $43 billion for a company with a $37 billion market capitalisation. Musk said Twitter must go private to change, including an edit feature, an open-source algorithm, less moderation, and a higher bar for removing offending tweets. Musk had terminated Twitter Chief Executive Officer Parag Agrawal, Chief Financial Officer Ned Segal and Legal Affairs and Policy Chief VijayaGadde, as per the media report.