Elon Musk says Twitter buy ‘cannot move forward’ until spam stats spat settled
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Twitter management is still keen on selling to Musk. Agrawal said he was looking forward to continuing talks with the billionaire. The biz filed a preliminary proxy statement with the SEC reiterating Musk’s offer to purchase Twitter at $54.20 per share in cash. “Twitter is committed to completing the transaction on the agreed price and terms as promptly as practicable,” it said in a statement.
“The transaction is subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions, and is expected to close in 2022,” it added.
Musk previously promised to front $21 billion from his own fortunes, while the remaining $25.5 billion will be backed by Morgan Stanley, Bank of America, Barclays, and others via debt financing. He sold $8.4 billion worth of Tesla shares to help finance the deal, too, and secured another $7.14 billion from investors. If he backs out of the deal, he may have to pay Twitter $1 billion in penalty fees.
Twitter declined to comment. Its share price is about $38.30 apiece, down 18 percent over the past five days.
