There are clear public signals from Elon Musk that he plans to complete his takeover of Twitter. A video was posted by the billionaire who runs Tesla and SpaceX, where he can be seen walking into Twitter’s San Francisco headquarters carrying a porcelain sink and tweeted: “Let that sink in.” Elon Musk’s comment referred to a “Let thank sink in” internet meme.
He also made arrangements to address Twitter staff on the closing deadline for his $44 billion takeover of the company and to go along with it, Musk changed his Twitter bio to “Chief Twit.”
To complete the deal, he faces a deadline, or litigation in Delaware will resume.
Musk was in the company’s headquarters this week, a Twitter spokesman confirmed.
In April, Musk agreed to buy Twitter and take it private but then tried to halt the deal, as he said that Twitter misrepresented the number of spam and fake accounts on its platform. Twitter denied this. Twitter sued him to complete the purchase and Musk offered to buy Twitter at the original price of $54.20 a share, earlier this month, as reported. “We received the letter from the Musk parties which they have filed with the SEC,” said Twitter. “The intention of the Company is to close the transaction at $54.20 per share,” the platform added.
This is what Jasmine Enberg, an analyst with Insider Intelligence told to the Associated Press: “The deal will solve some of the short-term uncertainty at the company, but Twitter is essentially in the same place it was in April.” “There is still plenty of uncertainty around what Musk intends to do with Twitter, as well as the future of a company with a leader who has wavered in his commitment to buying it,” said Enberg. “And if we’ve learned anything from this saga, it’s that Musk is unpredictable and that it isn’t over yet,” Enberg added.
The trial that had been set for October 17 has been delayed by a Delaware Court of Chancery judge, to give the two sides more time to reach a deal. Earlier this month, Musk said on a Tesla earnings call that he was “excited about the Twitter situation.” Though he acknowledged that he was overpaying for it, he described Twitter as a platform with “incredible potential” that had “languished for a long time.” “Although obviously myself and other investors are overpaying for Twitter right now,” said the billionaire.
“The long-term potential for Twitter is an order of magnitude higher than its current value,” Musk added.