The drama between Elon Musk and the Twitter board of directors has taken a new turn as the case goes to court. Surprisingly, the billionaire is renewing his offer to purchase Twitter under the recent turn of events, which has not been in his favour. Now, he alongside his team of lawyers and investors is presenting the Twitter board of directors with a new offer to purchase the application for $54.20 per share.
This is the same rate at which the billionaire initially offered to buy the social media application. But with this new buy-out offer, he adds some conditions for Twitter to look into before he and his team proceed with the deal. Elon’s conditions for the deal to continue come in two parts, both of which are under the context of the Twitter buyout and the court case.
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The first part of Elon Musk’s conditions for the Twitter buyout to continue will require the platform’s board of directors to give him access to the debt funding. This request, if given Musk will put the Wall Street banks in the line of fire considering that they have intentions to sell the debt to institutional investors. As for the second request, Elon requires that all initial court charges made by Twitter against him be dropped.
The billionaire took to his Twitter page to share that proceeding with the deal will aid in his project to build what he refers to as “X the everything app.” Twitter’s board of directors are yet to respond to this request, and their response might avert a pending court case. If the Twitter board agree to pull through with the deal, it will save Musk’s face in an impending court trial between the two parties.
