/ 06 October 2022

Musk u-turns on Twitter deal

Elon Musk
Image source: Getty

The world’s richest man caused a bit of whiplash yesterday after he said he would follow through with the US$44 billion ($64 billion) deal to buy Twitter. Musk was due in court later this month after the social media giant launched legal action over his attempt to terminate the deal. Musk wasn’t budging on a disagreement about the number of bot accounts on the platform. Also not helping matters was Twitter’s falling share price… But Musk has seemingly changed his mind again – news that sent Twitter’s share price soaring by more than 20% and heading back towards the price underpinning the deal. It follows last week’s release of a trove of Musk’s private text messages between him and big names like Twitter founder Jack Dorsey. Yesterday, Musk tweeted the acquisition would be “an accelerant to creating X, the everything app”. Not a lot is known about those plans, so the saga continues… #SquizShortcut

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