Elon Musk Will Buy Twitter At Original Price of $44 Billion After Reconsideration
Elon Musk will be purchasing Twitter after reconsideration. Bloomberg reported today that Musk has agreed to purchase all of Twitter at the original price of $44 billion and take the company private. Musk originally stopped the deal in July because of suspicions that the bot figures provided by Twitter were incorrect.
Both sides were ready to fight in court at first, but legal experts are indicating that Elon Musk made a smart decision by stopping before trial, as reported by Yahoo news. According to people familiar with the matter, Musk agreed to the original deal because he and his legal team suspected the Judge was siding with Twitter on most matters.
The trial was set to begin on October 17th, but now the judge has asked both parties to produce a different plan. The case against Musk may ultimately be dropped by Twitter soon, given this newest development. Another possibility is that the judge could remain in jurisdiction until the deal finishes, making the process smooth.
Elon Musk buying Twitter is a major influence on the crypto world because there have been simply no other social media platforms as popular among crypto users. Elon Musk is arguably the biggest advocate for Dogecoin in the world, which is a top 10 cryptocurrency. In addition, Michael Saylor tweets almost every hour, along with Vitalik Buterin and other top crypto celebrities. Michael Saylor in particular wants to create an "orange check mark" which would replace blue check marks by paying some Bitcoin.
In the early evening, Twitter confirmed the deal and intends to close it with Musk. Twitter shares rose over 22% on the news.