Twitter refuses Elon Musk’s renewed $44B bid

By 2 months ago

Twitter is refusing to accept Elon Musk’s renewed bid of $44 billion for the social media company, according to a report from The Associated Press citing Elon Musk’s attorneys. This news comes after reports of Elon Musk’s asking the Delaware court to halt the upcoming trial. He renewed his offer to purchase the social media network this week and shared a few details about his goals.

“Buying Twitter is an accelerant to creating X, the everything app,” Elon Musk tweeted on Tuesday. He added that Twitter probably accelerates the new app by three to five years.

AP noted that earlier this week, Twitter said it intended to close the deal at the agreed-upon price but both sides were still booked for the October 17th trial in Delaware. Elon Musk’s attorneys said the trial should be adjourned to give the Tesla CEO more time to secure financing.

In a court filing, Elon Musk’s attorneys said,  “Twitter will not take yes for an answer.”

“Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests.”

The attorneys noted that by Twitter not setting aside its litigation, the upcoming trial would “impede the deal moving forward.”

“Instead of allowing the parties to turn their focus to securing the debt financing necessary to consummate the transaction and preparing for a transition of the business, the parties will instead remain distracted by completing discovery and an unnecessary trial,” the attorneys said.

According to Elon Musk’s attorneys, the financial backers, “have indicated that they are prepared to honor their commitments” and are working to close the deal by October 28.

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This post was last modified on October 7, 2022 10:16 am

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Copyright GreekCityTimes 2022