By Andrew Moran
“We write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement,” Musk’s lawyers stated in a letter filed with the SEC.
“The Musk Parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the Action, including in the event the Action is not stayed, Twitter fails or refuses to comply with its obligations under the April 25, 2022 Merger Agreement or if the transaction contemplated thereby otherwise fails to close.”
After the news, Twitter shares jumped 22 percent, to $52 per share.
Musk had also sent a message to Twitter management on Monday that he would move ahead with his original proposal to buy the tech firm for $54.20 per share, or $44 billion.
The news, first reported by Bloomberg, resulted in Twitter shares halted of trading on the New York Stock Exchange. This comes as Musk and Twitter have been engaged in a months-long legal battle. Both sides were scheduled to appear before a Delaware Chancery Court on Oct. 17 as part of a five-day trial.
Musk’s chief argument has been that Twitter misrepresented the true number of fake accounts and spam bots, which would render the website useless for advertisers. He contended that the prevalence of bots was much higher than Twitter’s disclosed figure of 5 percent.
Twitter immediately took Musk to court over his attempt to back out of the agreement.
Legal experts purported that this was a futile endeavor because it would be difficult to argue that anything changed from when Musk proposed the acquisition to the time he tried terminating the agreement.
“Writing was on the wall he could not win in Delaware and this saves both sides a long and ugly court battle ahead. Musk will now own the Twitter platform as an end to this saga and soap opera that began in April,” noted Wedbush analyst Dan Ives in a tweet, who was following the news.
Last month, Twitter announced that its shareholders approved the merger agreement.
Different Takes From the Twitterverse
Many prominent conservative personalities celebrated the news on Twitter.
“Buckle up, snowflakes,” wrote former White House official Sebastian Gorka.
“I can see why Elon Musk would turn his back on the lying leftists at Twitter. But for the sake of free speech, I hope this deal still happens,” stated Brent Bozell, the founder and president of the Media Research Center.
“The first thing Elon Musk should do once he takes over Twitter is bring back Trump!” wrote Brigitte Gabriel, the founder of ACT for America.
Critics were quick to point out that Musk might be proceeding with the deal following a Twitter controversy on Monday. Musk proposed a four-step peace initiative between Russia and Ukraine, which sparked outcry from the Ukrainian government.
Affiliate News Feeds
- Washington Examiner
- The Federalist
- The Epoch Times
- The Guardian
- The Gateway Pundit
- Judicial Watch
By Naveen Athrappully NASA announced on Tuesday that it intends to cancel the development of its GeoCarb mission, which was proposed to be a low-cost satellite aimed at monitoring greenhouse gas… [...]
By Bryan Jung The rate of job cuts in the United States soared 127 percent in November, amid a wave of layoffs in the tech industry. The American employers announced 76,835 cuts… [...]
By Jennifer Margulis and Joe Wang What medicine should you take? How should you treat any given illness? What preventative measures are most effective for you? Which vaccines do you need? These… [...]
Union workers are lashing out at both political parties and President Joe Biden for the rail legislation signed to prevent a strike, calling the provisions a "slap in the face"… [...]
A former professor at the University of California San Diego said she gave all of her students "A" grades and no homework in a recently unearthed video. [...]
A key Senate vote over whether to provide paid sick leave for rail workers is highlighting a divide within the GOP, a party that has increasingly tried to position itself… [...]
Anyone still wearing a face mask to protect himself from Covid probably has no intention of ever shedding it now. [...]
Anyone who actually watched 'Wednesday' can see that the 'racism' accusations are ridiculous and performative. [...]
Chuck DeVore's historical fiction book 'Crisis of the House Never United: A Novel of Early America' demonstrates not only why procedure and patience matter, but also the genius of the… [...]
The head of the largest oil and natural gas trade association warned that failure to replenish the U.S. Strategic Petroleum Reserve (SPR) could trigger another oil crisis in the coming… [...]
This episode will premiere on Friday, Dec. 2 at 8 p.m. ET. In this episode of Kash’s Corner, we discuss the impending release of the Jan. 6 committee’s final report.… [...]
New York’s quest to replace the troubled Rikers Island jail complex with smaller facilities across the five boroughs could lead to either hazardous overcrowding or the release of dangerous detainees,… [...]
Health Security Agency issues rare alert over rise in cases, urging people to seek immediate medical help if they see symptomsQ&A: what are the symptoms and how can strep A… [...]
Exclusive: Labour says ministers have been told repeatedly that people with prepayment meters are not getting enough supportCase studies: ‘I can’t afford to heat my son’s room’Up to half a… [...]
An estimated 50,000 Canadian truckers traveled across Canada in a massive caravan protesting the COVID mandates. Canadian media tried to paint the protests as Russian propaganda. Canadian Prime Minister Justin… [...]
“No one should be forced to get a vaccine against their will, but until the laws change our medical professionals stand ready to work with you or a loved one… [...]
Ryan Samsel was arrested in January 2021. He was blinded by DC prison guards in one of his many beatings since his arrest. Ryan Samsel attended the January 6, 2021,… [...]
From Fox News: The Secret Service will not say why they changed their position regarding a government watchdog’s records request into Hunter Biden’s gun investigation records. Government watchdog Judicial Watch… [...]
(Washington, DC) – Judicial Watch announced today that the United States Secret Service has repeatedly changed its position about whether it is in possession of records related to the investigation… [...]
The Biden administration is giving a nonprofit partially funded by leftwing billionaire George Soros’s Open Society Foundations (OSF) $12 million to strengthen labor rights and empower workers in three Latin… [...]