July 23, 2024

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Elon Musk: Twitter won’t accept “yes” as a response

Elon Musk, a billionaire, has stated that he plans to finish buying Twitter by the end of the month, but the business “will not accept yes for an answer.”

He said in a court document that the social networking site had expressed worries about the “theoretical prospect of a future inability to get debt financing” to pay for the transaction.

Twitter stated that it lacked confidence in the offer’s ability to materialise.

After Mr. Musk attempted to back out of buying the company, Twitter sued him in July.

In response to Mr. Musk’s request, the judge presiding over the case gave the parties until October 28 to reach a settlement.

After announcing this week that he was ready to move forward with the initial acquisition proposal, pending receipt of the funds and a resolution to the legal dispute, Mr. Musk said that litigation was no longer necessary.

Mr. Musk’s attorneys stated in a filing that “there is no need for an expedited trial to require defendants to accomplish what they are already doing.”

In April, Mr. Musk declared his intention to purchase Twitter for $54.20 a share. Just a few weeks later, he withdrew from the agreement, claiming that he was worried that the number of spam accounts on the network was higher than Twitter had reported.

In the end, Twitter filed a lawsuit to compel Mr. Musk to close the acquisition.

Twitter asserted in its lawsuit that Elon Musk was concerned about the sum he had promised to pay due to a dramatic decline in the value of tech stocks, notably Tesla, the electric vehicle manufacturer he runs and the source of the majority of his income.

As part of the preparation for the trial, which was slated to start on October 17, Mr. Musk was expected to be questioned this week. According to a court document, the trial has been postponed until October 28 to allow for the completion of an agreement.

Investor scepticism over the deal’s viability caused Twitter shares to close the day down more than 3%.