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International News: Elon Musk and Twitter at odds over buyout

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Posted: Thursday, October 6, 2022. 3:59 pm CST.

By Zoila Palma Gonzalez: Attorneys of business magnate, Elon Musk say that Twitter has refused Musk’s renewed bid to buy out the company for $44 billion, BBC reports.

Musk says that Twitter “will not take yes for an answer”.

Twitter is reportedly concerned about the “theoretical possibility of a future failure to obtain debt financing” to pay for the deal.

In July, the social media company sued Musk after he attempted to back out of the deal and Musk requested that the legal fight be put on hold.

This week, Musk said that he was prepared to go forward with the original takeover plan, pending receipt of the financing and an end to the legal battle.

“There is no need for an expedited trial to order defendants to do what they are already doing,” Musk’s attorneys said.

“Yet, Twitter will not take yes for an answer. Astonishingly they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests,” they added.

Meanwhile, shares in Twitter ended the day down by more than 3%, amid investor doubts the deal will go through.

 

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