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And we're off...just before the trial to take place at the Delaware Court of Chancery, Elon Musk has rescinded the previous reversal of his initial takeover offer of $44 billion to purchase Twitter. Shortly after his offer was accepted by the Twitter Board in April, Elon was trying to get out of the deal with Twitter. After a lot of information has been released about Elon's private texts with different peers about backing his Twitter purchase, by way of the discovery process by Twitter in the upcoming trial, an SEC filing was made by Elon, yesterday, on his intent to continue with the purchase.
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Twitter has been standing by its word to continue with the sale to Elon at the purchase price of $54.20/share, which was the price that Elon set for the purchase. However, the share price has drastically fallen over the last several months, as advertising markets have suffered from economic issues. When I wrote about this on August 5th, the share price was $41.92. On the heels of the news today, the share price skyrocketed over 22% to close at $52.00/share, only 4.1% lower than the bid price.
The last few months have been tumultuous for the internal operations at Twitter. According to Wion, there have been over 9% of its 8,200 employees leave the company since Musk announced the takeover.
We'll see how this plays out. Musk's ambitions are to extract tremendous value from Twitter. It seems that he's looking to do this by taking the company private and building it back up. He'll need to get the company back to a level of significant revenue growth to pay back the massive investments that others are making on his behalf.