![]() ![]() “At $54.20 cash deal price closing this year, it is good to be long TWTR!,” Kevin Stadtler, chief executive officer of Twitter investor Stadtler Capital, celebrated in an email. And if he really doesn’t want to go to court, it also edges Twitter shareholders closer to a payday. If he and Twitter don’t complete the transaction by then, he’ll likely be on the witness stand in November. In return, Musk was given a new, court-issued deadline of October 28 to make good on his promises. There, a judge would have scrutinized all his reasons for backing away from the deal in full view of the public and the media. Those same big banks tried to tally up potential losses on the months-old deal terms, while Twitter employees, still in limbo, turned to memes and gallows humor to get through the week.īy the night of October 6, the billionaire finally got something he wanted: a delay of the trial. ![]() But the company’s lawyers, suspicious of conditions in Musk’s letter, including the stipulation that Twitter drop its lawsuit, called it “an invitation to further mischief.”Īlso Read - Elon Musk’s revived $44 billion Twitter bid is another twist in this tale, but it may not be the lastīehind the scenes, Twitter’s lawyers raced to verify Musk’s renewed affinity for the deal, checking whether he had indeed asked lenders for the money they had earlier committed (one bank said he hadn’t, Twitter says). Twitter’s stock shot up, with investors sensing the drama was nearly over. On October 3, Musk applied public pressure by formally re-offering to buy the company at the original price, aiming to avoid an October 17 fight in Delaware Chancery Court. In recent weeks, both sides discussed a price that was about $4 below the $54.20 per-share accord, but couldn’t agree on additional terms, according to people familiar with the matter. The world’s richest man, who was in a rush to acquire the social network in April and then abruptly soured on the deal, spent months trying to exit the obligation entirely. By Sarah Frier, Katie Roof and Paula Seligson
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