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On October 24, Tesla CEO, Elon Musk confirmed during a video conference with a group of bankers that he is ready to close the acquisition of Twitter by Friday, October 28.

According to Bloomberg, the banks provided Elon with $13 billion financing to finalize the purchase, which is in the final stages of its paperwork.

This makes Wall Street lenders prepared in anticipation of the purchase.

Also, the court handling the Twitter case gave Friday, October 28, as the deadline for closing the buyout.

Sequel to the news, Twitter’s shares began to baloon, approaching the purchase price agreed upon when the two parties began negotiations.

Twitter's stocks - Trading View
Twitter’s stocks – Trading View

What Delayed The Twitter Purchase?

Elon Musk started feeling skeptical in the Twitter deal because he realized that there were more bots than the number Twitter reported publicly.

He became so upset that he wanted to call off the negotiations.

Meanwhile, Elon Musk had acquired a 9.2% stake in Twitter shares; however, he refrained from buying the whole company until Twitter revealed the actual number of bots on the platform and proved that less than 5% of its users’ accounts were fake.

But the Twitter board decided to sue the billionaire, asking a Delaware court to order the execution of the agreement after accusing Musk of using a “hypocritical” strategy to rescind the purchase.

In a fiery legal complaint, Twitter claimed that Musk’s actions could harm the interests of its shareholders:

“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he – unlike every other party subject to Delaware contract law – is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,”

After learning the new court development, Elon Musk tweeted, pointing out the irony of Twitter’s actions since initially, the board tried to boycott his efforts to buy the company, only to end up trying to force the execution of the purchase weeks after the proposal.

Oh the irony lol

— Elon Musk (@elonmusk) July 12, 2022

Elon Musk to Pay The Same Amount He Initially Agreed To

There was an agreement between Musk and Twitter after a legal dispute.

Elon Musk agreed to return to his original plan to buy the social network for $44 billion at $54.20 per share to turn Twitter into a “digital town square.”

Adding to that, he promised to free the platform from all bots, along with a series of changes, especially in the field of microtransactions.

After big crypto players heard this, they supported Elon Musk.

Binance CEO supported the idea while Sam-Bankman Fried, CEO of FTX, said he would love to discuss how Twitter could use blockchain technology to improve its mission.

By Meekness Nnoka

Blockchain Analyst & Writer with top-notch Technological background. Enjoys reading and writing fascinating crypto contents. 4 years content creating experience.

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