Elon Musk and Twitter have until Friday to complete the takeover deal and avoid a lawsuit

For Elon Musk, The countdown begins. The richest man in the world has until Friday, 5 p.m. (11 p.m. French time) to conclude – finally – his takeover agreement with Twitter. If he fails to seal a deal, the trial against the social network will open in November. Friday could therefore be the day when an interminable chapter of negotiations, controversies and provocations comes to an end with an outstanding judicial component.

Almost six months after the announcement of his takeover of Twitter for 44 billion dollars, Elon Musk had finally given up. First, to sit on the group’s board of directors, then to buy the company. In mid-July, Twitter had therefore taken legal action against the boss of SpaceX and Tesla. The goal? Compel Elon Musk to keep his commitment to buy back the social network, at the initial price. The judge Kathaleen McCormick, president of the court specializing in business law in Delaware, had decided to hold a trial from October 17. Only here, with Elon Musk, nothing goes as planned, no matter the court decisions. The businessman again made his own and announced, at the beginning of October, that he was indeed buying the social network. A last-minute pirouette which has allowed him, so far, to escape the trial. Judge Kathaleen McCormick gave both sides an October 28 deadline to close the deal or prepare for a trial next month.

Redemption at any cost?

If doubts are diminishing about the takeover of Twitter, the conditions remain uncertain. According to the latest information, Elon Musk intends to lay off nearly 75% of the network’s employees and has the long-term ambition of integrating Twitter into a multifunction application called X. He could be hampered in his projects because of his multiple exits. polemics. According to a latest report by Bloombergsenior officials close to the White House are considering subjecting some of his companies to a national security review, to monitor his influence on the war in Ukraine after a series of tweets favorable, in essence, to Moscow.

According to CNN, Elon Musk delivered some comments about Twitter during Tesla’s third quarter earnings conference call: “Obviously, myself and other investors are overpaying Twitter right now. […] Twitter’s long-term potential is, in my view, orders of magnitude greater than its current value. »


Leave a Comment