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Despite the Space X founder’s attempts to go back on his deal with Twitter in May, he has now expressed his excitement at closing the deal by October 28. The tech giant became the biggest shareholder of Twitter in April when he got a seat on the company board.
Twitter shares subsequently surged when it was reported that he bought a 9.2 percent stake which was work almost $3billion, after which he made many suggestions of changes for the platform.
Within two weeks, Musk offered to buy the platform in the interest of free speech, telling Twitter chairman Bret Taylor: “Since making my investment, I now realise the company will neither thrive nor serve this societal imperative in its current form.”
However, after shortly reaching an agreement, he then noted that the deal was “temporarily on hold”.
Musk attempted to justify his subsequent U-turn by saying that Twitter had understated the number of spam and bot accounts on its platform which launched a number of lawsuits between both parties.
The date was given to the billionaire by a judge in Delaware who ordered a pause to Twitter’s lawsuit against Musk until October 28.
If he fails to close the deal by the given date, Musk will go to trial in a bid to force him to.
The CEO of Tesla was on a call answering questions following Tesla’s quarterly report and he called Twitter an asset that had “languished” for a while.
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Shares in Telsa dropped after investors grew concerned that Musk would continue to sell stocks in Tesla in order to purchase Twitter.
In the days running up to the deadline, Twitter has frozen equity award accounts for its employees in a sign that the firm is hopeful at the completion of the deal.
Bloomberg’s report outlining the freeze saw Twitter shares rise by 1.8 percent at $51.6 (£46.1) which is still below Musk’s offer price of $54.2 (£48.33) per share.
Twitter altered its employee FAQ page to alert its staff that they cannot access, or trade shared from the Equity Award Centre.
The page stated that the change was done “in anticipation of the closing of the pending acquisition of Twitter by an entity controlled by Elon Musk”.
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