News

Elon Musk Agrees To Acquire Twitter With Initial $44 Billion To Avoid Disadvantage

Elon Musk proposes to buy Twitter Inc. with an initial price of 54.20 USD/share. For months, Musk has been trying to withdraw the contract he signed in April to acquire Twitter. After a lengthy legal battle between the two sides, the billionaire’s proposal will likely eliminate the need for a court hearing this month.

According to a report from Bloomberg, Elon Musk made a proposal to agree to buy Twitter for the original $44 billion bid in a letter to Twitter on Monday. This is in stark contrast to previous attempts to cancel the acquisition with Twitter.

Twitter also said the intention now is to close the deal at $54.20 per share.

Arguably the October 3 proposal came as the legal team for Musk felt the judge would not issue a favorable ruling. The billionaire wants to stay immediately in court proceedings in the lawsuit between Twitter and Musk.

“The Musk parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the action,”

The letter wrote

The proposal potentially eliminates the need for a court hearing in the Delaware Chancery Court this month.

Immediately after the announcement, Twitter’s stock price jumped more than 22%, currently trading at $52.

Twitter’s stock price. Source: TradingView

The Elon Musk-backed Dogecoin meme is also up 8.55% in 24 hours and is currently trading at $0.0658.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

CoinCu News

Victor

Recent Posts

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

42 minutes ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

1 hour ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

2 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

2 hours ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

3 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

3 hours ago

This website uses cookies.