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Elon Musk is really buying Twitter for real this time, really, for sure
- Elon Musk will buy Twitter at the same price as his original offer.
- This news comes after Musk tried to pull out of his offer for unsubstantiated claims about Twitter’s bot ratio.
- With paperwork filed with the SEC, there is (probably) no turning back this time.
Billionaire Elon Musk will buy Twitter after all, it seems (via TechCrunch). After making an offer to the social network and then trying to back out of said offer, it appears Musk has seen no way out. Musk’s original offer price of $54.20 a share has been finalized.
Musk filed his intention to buy with the US Securities and Exchange Commission (SEC), putting the sale on a course that can’t easily be corrected.
Before this filing, Twitter and Musk were on their way to court. Musk originally made the offer to buy Twitter and then tried to back out of the deal. His reasoning for this was his belief that 20% of Twitter users could be bots. Musk supplied no evidence to support this claim. Meanwhile, Twitter claimed that bots only accounted for a maximum of 5% of its users, which is still a lot but not nearly as bad as Musk’s claims.
Because of the original terms of the deal, Twitter had every right to sue Musk in an effort to force him to complete the deal. Up until this morning, Musk was on track to head to court and try to get out of it. Something must have changed, though, because now we have this SEC filing. Not only that, but the $54.20-per-share price is what Musk originally offered before all the legal drama started. It’s a dramatic about-face that paints Twitter as the victor in this battle.
As one would expect, Twitter’s stock price shot up after the news. At the time of publishing this article, it stands at $51.88, a huge jump from yesterday’s $43.84.