Musk at last takes over Twitter: Reports
Quick Take
- Billionaire Elon Musk has formally acquired Twitter, ending a months-long saga that had much of the world on tenterhooks.
- The deal was expected to close tomorrow.
- Twitter is expected to drop its lawsuit against Musk.
Yesterday, billionaire Elon Musk entered Twitter headquarters carrying what appeared to be a bathroom sink. Tonight, the Tesla and SpaceX CEO will leave with the keys, and with $44 billion less in his wallet.
The acquisition was expected to close tomorrow, but sources tell Business Insider, the Financial Times and CNBC that Musk and Twitter closed the deal today, and CEO Parag Agarwal and several top executives stood down. Neither Musk nor Twitter have yet made formal announcements on the matter.
The deal ends a months-long on-again, off-again saga that twisted its way through social media, thousands of newspaper pages, the Securities and Exchange Commission and the courts. After initially saying he would buy the social media platform earlier this year, Musk tried to back out of the deal, alleging Twitter had misrepresented the number of spam accounts on the platform. Twitter subsequently sued Musk, and earlier this month, the billionaire said the deal was back on.
The acquisition will end Twitter's lawsuit against Musk to compel him to fulfill the deal.
It won't be easy sailing for Musk, however. Earlier this week, Twitter reported it is struggling to keep its most active users, the 10% of users who are responsible for 90% of all tweets and half of the company's global revenue.
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