Elon Musk and Twitter agree on the price tag of $54.20 a share, or about $44 billion, but are bickering over the terms of a merger that's been on the rocks almost since it was signed six months ago.
Elon Musk has until Oct. 28 to close the deal to purchase Twitter, a judge ruled on Thursday. Here, the Tesla CEO smiles while on stage at an event in Norway in August.
The billionaire and the social media company agree on the price tag of $54.20 a share, or about $44 billion, but are bickering over the terms of a merger that's been on the rocks almost since it was signed six months ago. After months of arguing in court to get out of a binding contract that he signed, Musk had a change of heart earlier this week. He told Twitter he was willing to proceed with the deal under the original terms.Twitter is wary because Musk tried to walk away from the binding contract before, in July, after publicly questioning the amount of fake accounts on the social network.it was unwilling to trust Musk, calling his renewed proposal"an invitation to further mischief and delay.
His legal team wrote that the financing for the deal is all lined up and ready to go. But Twitter told the court that a bank representative said one of Musk's lenders hasn't yet received what they need from Musk to close the transaction.
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