Elon Musk, has officially added Twitter to his business empire after months of legal skirmishes, according to CNBC, The Washington Post and Insider.
The deal has closed, according to those three outlets, though The New York Times says the deal’s status is unclear.
Musk sent a letter to Twitter saying he plans on terminating their merger agreement, claiming the company is in material breach of the deal and accusing Twitter of “false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement.”
Twitter then sued Musk in an effort to force him to finish the deal, and the fight seemed like it was headed to trial in Delaware’s Chancery Court in October. What followed was months of legal wrangling over evidence, accusations of fraud, and even a few depositions.
Finally, Musk decided to do what he had already agreed to do and buy Twitter. Judge Kathaleen McCormick gave the two sides a deadline of 5PM on October 28th to close the deal, and with time ticking down on the evening of the 27th, the deal has closed, and Elon Musk reportedly began Twitter’s new era of private ownership by firing several executives, including previous CEO Parag Agrawal, CFO Ned Segal, and policy chief Vijaya Gadde.
Musk, who is also CEO of Tesla and SpaceX, has suggested he’ll change the way Twitter’s moderation works, potentially relaxing the kinds of policies that saw former President Donald Trump permanently banned from the platform.
Story by: Kwabena Boateng Asiedu | universnewsroom.com