Yahoo Finance Elon Musk Twitter deal - live: Musk promises ‘everything app’ as $44bn do-over buyout accepted
Elon Musk on Tuesday revived his offer to buy social networking site Twitter for $44bn, after previously attempting to back out of the high-profile deal.
The Tesla billionaire proposed the price, which equals the original valuation of $54.20 a share, in a letter to Twitter filed on Monday with the Securities and Exchange Commission.
Mr Mus broke his silence on the deal on Twitter late Tuesday, writing: “Buying Twitter is an accelerant to creating X, the everything app”.
In July, Twitter sued Mr Musk for what it said was his “wrongful” attempt to cancel his offer, a case that may force the entrenpreneur into acquiring the company.
Without an agreement, proceedings in the case are set to begin within days, with Mr Musk scheduled to be deposed in Texas later this week.
Key Points
Elon Musk wants to proceed with Twitter buyout, new report says
Elon Musk breaks silence on Twitter purchase and offers vision of platform’s future
Why Twitter is suing Elon Musk
Shares in Trump SPAC fall after Musk Twitter news
How Twitter responded to Elon Musk’s letter
ICYMI: How Twitter responded to Elon Musk’s letter
09:15 , Graeme Massie
“Twitter issued this statement about today’s news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share,” the company’s investor relations account stated on Twitter.
Twitter issued this statement about today's news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.
— Twitter Investor Relations (@TwitterIR) October 4, 2022
ICYMI: Media watchdog brands Musk-owned Twitter a ‘supercharged engine of radicalization’
07:59 , Graeme Massie
Angelo Carusone, president of Media Matters for America, has slammed the seemingly imminent takeover of Twitter by Elon Musk.
“From the outset, Elon Musk’s desire to take over Twitter was about advancing his own red-pilled ideological agenda. He was explicit about his intentions, which is why right-wing extremists celebrated the news.
“With reports that Musk is now on the cusp of acquiring Twitter, the platform will become a supercharged engine of radicalization if he follows through with even a fraction of what he has promised.
“This isn’t alarmism, this is fact. Musk made it clear that he would roll back Twitters’ community standards and safety guidelines, reinstate Donald Trump along with scores of other accounts suspended for violence and abuse, and open the floodgates of disinformation. In effect, Musk will turn Twitter into a fever swamp of dangerous conspiracy theories, partisan chicanery, and operationalized harassment.
“Twitter’s advertisers and media buyers already rejected this. Rightfully so. The sale of Twitter is the end of the company as we know it, and the beginning of a more toxic platform with incredible potential for real-world harm.
“All these warnings could actually end up being understated depending on how Musk is financing this most recent offer. That’s the single most important question in determining if this will be really bad or even worse.”
ICYMI: Shares in Trump SPAC fall after Musk Twitter news
07:01 , Graeme Massie
The share price of Digital World Acquisition Corp, the company set to take Trump Media and Technology Group public fell by more than 5 per cent after Elon Musk decided to go through with his Twitter purchase.
The stock peaked in March at around $97, and closed on Tuesday at $17.10.
Mr Trump’s company owns Truth Social, the social media platform he set up after being banned by Twitter and Facebook in the wake of the violent January 6 insurrection.
Mr Musk has said that if and when he takes over Twitter he wants the one-term president’s ban lifted.
ICYMI: What did Elon Musk say about his plans for Twitter in original offer?
06:06 , Adam Smith
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement in the press release announcing the $44 billion deal in April.
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans.
“Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”
ICYMI: Experts say Musk was set ‘to lose’ case against Twitter so he bought them
05:03 , Graeme Massie
“Musk was going to lose the case,” Erik Gordon, a business law professor at the University of Michigan, told Insider.
“His lawyers knew that. Twitter’s lawyers knew that. His only hope was for Twitter to cave, and they didn’t.”
ICYMI: Twitter stock rose so fast after Musk buyout offer NYSE had to pause trading
04:10 , Graeme Massie
The news that Elon Musk is attempting to revive his bid to buy Twitter caused such a big jump in the social network’s stock price that the New York Stock Exchange had to temporarily pause trading twice, the Wall Street Journal reports.
Such pauses, instituted after the 2010 “Flash Crash,” kick in when stocks on major indices change price by more than 5 per cent within five minutes.
Twitter shares rose at least 13 per cent at various points on Tuesday, after Mr Musk announced he would return to his original $44bn offer to purchase the social media site.
ICYMI: Why Twitter is suing Elon Musk
02:45 , Graeme Massie
Twitter sued Elon Musk in July, arguing the tech billionaire was legally bound to carry out his $44bn acquisition of the social network, after the Tesla CEO said he wanted to walk away from the deal.
Twitter argued leaving the deal is “invalid and wrongful” under the terms of an April contract, according to a letter sent to Mr Musk’s lawyers.
The company tore into Mr Musk in a legal complaint filed in Delaware Court, writing that the billionaire “apparently believes that he —unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.”
Here’s more information.
Observers fret Elon Musk buyout could turn Twitter into ‘supercharged engine of radicalisation
01:50 , Graeme Massie
The news that Elon Musk has reprised his original $44bn offer to buy Twitter has sent shock waves through Silicon Valley, Wall Street and, of course, sparking plenty of discussion on the app itself.
The most important audience for the move, Twitter Inc, met the announcement with little fanfare, merely confirming it had been received and describing how the “intention” of the social network is to go through with the deal.
Josh Marcus has the story.
Observers fret Musk could turn Twitter into ‘supercharged engine of radicalisation’
Expert on fascism and propaganda slams Elon Musk’s Twitter purchase
Wednesday 5 October 2022 00:52 , Graeme Massie
“Everything is just a means to an megalomanic end for this individual,” tweeted NYU professor Ruth Ben-Ghiat after Mr Musk had broken his silence about the proposed $44bn purchase of Twitter.
Everything is just a means to an megalomanic end for this individual https://t.co/XIKEDNXGDO
— Ruth Ben-Ghiat (@ruthbenghiat) October 4, 2022
Twitter users slam Elon Musk’s proposed takeover
Wednesday 5 October 2022 00:25 , Graeme Massie
It did not take long for Twitter users to take to the platform and condemn Elon Musk’s proposed $44bn takeover of the company.
Neither Musk nor Twitter's current management seem to care much about Twitter's users or employees.
— Judd Legum (@JuddLegum) October 4, 2022
“Neither Musk nor Twitter’s current management seem to care much about Twitter’s users or employees,” tweeted Judd Legum.
And NFL reporter Mike Freeman of USA Today, also slammed it.
Take a good look around Twitter. Cause if you think the racists, trolls and trash bag humans are out in force now, wait until Musk runs it. It’s gonna be unrecognizable. Most of us are going to head to the escape pods.
— mike freeman (@mikefreemanNFL) October 4, 2022
“Take a good look around Twitter. Cause if you think the racists, trolls and trash bag humans are out in force now, wait until Musk runs it. It’s gonna be unrecognizable. Most of us are going to head to the escape pods,” he tweeted.
Elon Musk breaks silence on Twitter purchase and offers vision of platform’s future
Wednesday 5 October 2022 00:20 , Graeme Massie
Elon Musk has broken his silence on his proposed $44bn purchase of Twitter and offered a vision of the social media platform’s future under his ownership.
The billionaire Tesla and SpaceX CEO took to Twitter on Tuesday to seemingly say that obtaining Twitter was the first step in creating a new “X” app, similar to China’s WeChat.
Elon Musk breaks silence on Twitter purchase and offers vision of platform’s future
ICYMI: Zelensky fires back at Elon Musk’s ‘insane’ Twitter poll on Russia Ukraine peace
Tuesday 4 October 2022 23:56 , Graeme Massie
Ukraine’s president Volodymyr Zelensky has fired back at Elon Musk’s “insane” Twitter poll on Russia-Ukraine peace proposals.
The Tesla titan took to Twitter and proposed a string of ideas to solve the eight-month conflict, asking his followers to vote “yes” or “no” on his proposals, which included formally allowing Russia to annex Crimea.
More details below.
Zelensky fires back at Elon Musk’s ‘insane’ Twitter poll on Russia Ukraine peace
Elon Musk breaks silence on Twitter offer
Tuesday 4 October 2022 23:43 , Graeme Massie
The billionaire took to Twitter on Tuesday afternoon and talked about his vision for Twitter.
“Buying Twitter is an accelerant to creating X, the everything app,” he tweeted.
How Twitter responded to Elon Musk’s letter
Tuesday 4 October 2022 23:10 , Graeme Massie
Elon Musk’s SEC reglatory filing to buy Twitter
Tuesday 4 October 2022 22:14 , Graeme Massie
Here is the SEC filing made by Elon Musk indicating he intends to complete a $44bn purchase of Twitter at $55.420 per share.
Welcome to our live coverage of the Elon Musk Twitter deal
Tuesday 4 October 2022 21:19 , Josh Marcus
Good afternoon and welcome to The Independent’s rolling coverage of Elon Musk’s $44bn bid to buy Twitter.
The deal has the potential to impact US politics and culture for years to come, and we’ll have all the latest details. Stay tuned.
