Takeover of Twitter, continuation and end? After the incredible saga of recent months, and a court appearance, Elon Musk has finally decided to honor his agreement to take over the social network. The entrepreneur’s lawyers sent all the necessary documents to the various banks and investment funds.
We also learn in passing that, in addition to Sequoia Capital and Qatar Investment Authority, Binance is one of the major financiers of the $44 billion operation. We note that the timing is rather tight. But there’s a fairly obvious reason for this schedule and the intention to wrap it all up before this weekend.
Last night, the last doubts were swept away by Elon Musk in person. On Twitter, the businessman posted a viral video at the company’s premises in San Francisco, while changing his bio and location on Twitter.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
The planets align
The Delaware court has indeed ordered Elon Musk to complete the takeover of the social network before Friday, October 28, 5 p.m., at the latest – under the conditions initially set by the agreement. For the time being, the entrepreneur is giving all the signs that he will fully comply with the obligations he has created for himself.
Failure to meet the deadline date and time would expose the contractor to a potentially very costly new lawsuit. However, we learn via Bloomberg that Elon Musk has confirmed everything live by videoconference with the interested parties.
Forced to buy the social network for a price higher than the current real capitalization of Twitter, Elon Musk admitted last week that the amount he is about to pay “is way too high”. However, he at the same time reiterated his belief that the platform has enormous potential.
…And even that it will be able to pull the capitalization well above the current level. For now, Elon Musk’s concrete plans following the takeover remain evanescent. Even if an exciting SMS exchange with Jack Dorsey probably draws the outlines.
In a tweet dated October 5, the new boss of the social network explained that “buying Twitter is an accelerator to create X, an application that contains everything“. Elon Musk has also reactivated the x.com domain – the former domain of the payment service which would later become PayPal. From next week the entrepreneur could take the first big decisions for the company. And they could make you cringe quite a bit.
In addition to the exit of the social network from the stock market, Elon Musk wants to lay off 75% of Twitter employees in order to cut costs. But the information is yet to be confirmed, as it was initially supported by the washington post basically. But already, enough to make a lot of ink flow, and probably a real flood of tweets…