Musk misleads the market: the purchase of Twitter will be an "accelerator" of another project

 

Elon Musk returns to play absentmindedness with Twitter. The businessman has indicated in a cryptic message that the social network, on which he has resumed the purchase offer for 44,000 million dollars, is an "accelerator" for another project, which he has called X. The stock, meanwhile, continues to trade below of the offer price, despite the fact that the businessman decided yesterday to go ahead with the purchase of this social network in the face of the complicated legal battle underway.

"Buying Twitter is an accelerator for the creation of X, the 'app' for everything," said the founder of Tesla through his account on the social network in one of his first tweets after sending a letter to the board of directors of Twitter informing him of the decision to resume the offer. Musk did not give more details about that project, to which he has previously referred, although he has never offered data. After starting the court battle in August to withdraw the offer on Twitter, Musk again alluded to the X in a comment to a follower who asked if he would create his own social network in case the transaction did not close.

The billionaire owner of Tesla had tried since July to reverse an operation valued at 44,000 million dollars. Musk will bring back the original proposal. But there is a condition: that the Court of Delaware, face the proceedings.

When Musk's interest in taking over Twitter became known in April, both parties had signed a document in which they promised to compensate the other with 1,000 million dollars in case they decided to cancel the operation. Twitter shareholders had voted on September 13 to accept the purchase offer as presented by Musk. The company said at the time that 98.6% of the votes cast were in favor of the deal. Musk, Twitter's largest shareholder (he owns almost 10% of the company, just over 73 million shares), did not vote, according to two people familiar with his decision. The tycoon tried to reverse the operation after claiming that Twitter had refused to provide information about his fake accounts and the number of bots he had. "

Musk states in this communication that his withdrawal does not imply the assumption of responsibility and does not imply the waiver of any of his rights, including his right to assert the defenses and counterclaims pending in the Action, even in the event that the Action does not is suspended, Twitter fails or refuses to perform its obligations under the April 25, 2022 Merger Agreement, or if the transaction contemplated therein fails to close."

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