The long-awaited purchase of Twitter by one of the world’s wealthiest men is apparently coming to an end.
From the start, the embroilment between Musk and the Twitter board of directors was plagued with difficulty after the billionaire first proposed the purchase.
Originally proposed in April, both sides had severe disagreements on what should be the total worth of the purchase. In fact, these disagreements even resulted in a lawsuit against Musk – an attempt from Twitter to push Musk’s hand into accepting the original value that was previously agreed upon.
Since then several months went by and talks about the purchase seemed to have cooled off.
The reason for Musk’s hesitation about the purchase was due to a disagreement about Twitter’s real user count, due to a large number of bots on the platform.
Elon Musk owned a 9.2% holding in Twitter shares at the time, but he refused to buy the entire firm unless Twitter revealed the true number of bots on the network and demonstrated that less than 5% of its users’ accounts were fraudulent.
The deal then came to a halt and nearly fell apart. However, during a video chat with a group of bankers on October 24th, Tesla CEO Elon Musk announced that he is ready to conclude the acquisition of Twitter by Friday, October 28.
Twitter Deal Nearly Done
According to Bloomberg sources, the banks gave $13 billion in financing to the electric car entrepreneur to conclude the deal.
For weeks, Wall Street bankers have been prepared for the arrangement. The deadline for concluding the buyout in the Twitter lawsuit has been set for Friday, October 28.
Following the announcement, Twitter’s stock continued to rise, reaching the acquisition price agreed upon when the two sides began talks.
Elon Musk agreed to revert to his initial intention to acquire Twitter for $44 billion for $54.20 per share in order to transform it into a “digital town square.”
Furthermore, the billionaire pledged to rid the site of all bots, as well as make a number of adjustments, particularly in the area of micro-transactions.
Twitter Could Be The Future For Blockchain Technology
The close ties between Elon Musk and the cryptocurrency world could mean that the billionaire will promote and provide real-world use for cryptocurrencies in one of the largest platforms in the world.
Several cryptocurrency exchange giants like Binance and FTX are backing Musk’s attempt at purchasing Twitter. In fact, Binance’s CEO Changpeng Zhao even proposed to contribute with $500 million for the acquisition.
Recently, a few of Musk’s private text message conversations were leaked as a result of Twitter’s lawsuit.
In one conversation with Jack Dorsey, board chair Bret Taylor, and current CEO Parag Agrawal, Musk wrote about ways that he could implement Dogecoin payments in the platform.
“I have an idea for a blockchain social media system that does both payments and short text messages/links like Twitter.” Elon Musk wrote. “You have to pay a tiny amount to register your message on the chain, which will cut out the vast majority of spam and bots. There is no throat to choke, so free speech is guaranteed.”