Twitter shares frozen amid rumors of Musk buyout revival • The Register

Trading in Twitter shares halted today after it was announced that Elon Musk and the social media company had reached an agreement to buy the company at the originally agreed price of $54.20 per share.

Twitter’s shares soared when Bloomberg revealed that Musk had sent a letter to Twitter agreeing to the first proposed purchase price. Before trading was frozen at 12:14 p.m., ET shares had risen from $42.55 to just under $50 before falling to $47.93.

Musk and Twitter will face court cases on October 17 as the deal seeks to force the world’s richest man to agree to the terms of buying the platform and take it private, as he and the board agreed earlier this year.

As the start of the process fast approaches, Twitter has released Musk’s text messages to Twitter founder Jack Dorsey and other tech industry luminaries, revealing the brainstorming process and discussions surrounding the purchase.

Among those messages are things that make Musk appear less as a free speech advocate and more as someone who wants to control a massive platform, with lyrics like “Free speech matters most when it’s someone you hate spitting, what you think is bullshit.” **” regarding the deal.

Musk has tried multiple times to get out of the deal, using excuses ranging from dissatisfaction with Twitter’s user counts to fake bot reports to claiming that paying a whistleblower a breach of the purchase agreement, thereby barring him from his 44- Billion-dollar takeover got exempt package and a $1 billion break-up fee.

The judge in the upcoming Musk v. Twitter case, which would likely be dismissed once the sale was completed, has already denied a request from Musk’s team to delay the trial.

Ann M. Lipton, law professor at Tulane University, spoke The Washington Post recently said that Musk’s text message cache could jeopardize his attempts to walk out of the court purchase, as they “point to different motivations than those he had expressed for walking out of the deal.”

While it’s impossible to know for sure, the text messages could be a motivating factor for Musk to close the deal on his own terms before a court orders potentially more embarrassing documents be released or force him to make a purchase on less favorable terms.

This is an evolving story and will be updated as more details become available.

https://www.theregister.com/2022/10/04/twitter_shares_frozen_on_musk/ Twitter shares frozen amid rumors of Musk buyout revival • The Register

Rick Schindler

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