Elon Musk’s Twitter takeover is imminent

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Image Credit: Elon Musk

It is only a matter of time it seems; Elon Musk could soon assume ownership of Twitter. The billionaire owner of Tesla posted a clip of himself entering into the Twitter premises on Wednesday.

The takeover has to be completed this Friday, and if not, could mean a return to court proceedings, which was placed on hold.

Meanwhile, Bloomberg reports that Musk is not planning to cut down on the number of employees as previously reported. It was reported a while ago that he would downsize by 75 percent when he eventually takes over the reigns of affairs of the company.

While addressing employees at the Twitter San Francisco headquarters on Wednesday, Musk denied the previous report. Despite assurances, Twitter employees are still anxious about the previous reports.

Earlier in October, Musk sent a letter to Twitter management proposing an end to the courtroom battle over his attempt to call off his takeover deal. In the letter, Musk also wants Twitter to accept his offer, at the original price of $54.20 per share as agreed.

The original plane, if both parties agree to it, would see Musk become Twitter’s new owner, and bring to an end months of accusations and counter-accusations.

Musk and his legal team are not entirely confident of winning the legal tussle with Twitter. So, there is a possibility that Musk and his team may have sat down to take a second and critical look at the document, and arrived at a decision not to go ahead with the case in court.

According to a court filing as seen by Bloomberg, Musk was scheduled to answer to questions about the deal in Austin, Texas, on October 6-7, while Twitter CEO Parag Agrawal was scheduled to sit down for his disposition before the letter was sent.

A cloud of uncertainty started hovering over Elon Musk’s Twitter acquisition back in May. When the Tesla CEO in a tweet said the deal had been temporarily put on ice for reasons bothering on “calculation that spam/fake accounts do indeed represent less than 5% of users.”

The market as expected responded to the uncertainty surrounding the acquisition at the time. Twitter shares came crashing; dropping more than 10 percent at market open. The shares traded as much as 14 points below the nominal acquisition price of $54.20 a share.

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Author: Ola Ric

Ola Ric is a professional tech writer. He has written and provided tons of published articles for professionals and private individuals. He is also a social commentator and analyst, with relevant experience in the use of social media services.

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