ICYMI: Elon Musk's offering to honor his $44 bln buyout deal after trying to nix it – is a big win for the social network’s investors. But if it sticks, banks must pony up $13 bln amid a crashing market, says JMAGuilford
Almost as quickly as Musk said he wanted to buy Twitter, he decided the deal wasn't for him. When he made his proposal in April, the board quickly sealed an agreement without conducting an auction. Musk lined up investors who committed huge sums alongside him without asking questions. Not long after, Musk started a campaign against the company accusing it of hiding fake accounts. By July, he wanted out.
wants the deal to go through, without additional explanation. Twitter probably wants a Delaware judge to seal an airtight settlement before popping the champagne. The company couldn’t be blamed for worrying this is just another chess move in the back-and-forth saga. But if everything comes together, the deal could close within days.
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