The reality of Twitter being acquired by billionaire businessman Elon Musk isn't one that's strange to a lot of people recently. This mergers and acquisitions deal got underway on April 14. Today made history as the world's richest person has officially completed the purchase of Twitter (TWTR).
By this Friday at 5:00 p.m. ET, a previously delayed lawsuit initiated by Twitter against Musk to proceed with the acquisition would have begun, making that time the agreement's deadline for completion. The acquisition, first disclosed in April, encountered numerous bumps in the road, particularly Musk's worries about the volume of spam bots on Twitter and Twitter's adoption of a poison pill at one stage to thwart the purchase.
Related:Binance’s CZ Confirms Participating as Equity Investor in Musk’s Twitter Takeover
Earlier this month, as indicated in a letter from Musk's lawyers to Twitter's lawyers that was also submitted to the SEC, Musk suggested pushing forward with the deal once more at the initially agreed amount of $44 billion, or $54.20 per share.
At market close, Twitter's shares were trading at $53.70, while Musk's preferred cryptocurrency, dogecoin (DOGE), which he has hinted could be used for some Twitter payments, was down 2.3% at 00:43 UTC after climbing 16% in the days leading up to the deal's closing.
In contrast, Musk's preferred cryptocurrency, dogecoin (DOGE), which he has said could be used for some payments at Twitter, was trading down 2.3% at 00:43 UTC, after jumping 16% in the run-up to the deal's closing. Twitter's share price was $53.70 at the market close.
As said by two people acquainted with the decision, Musk sacked two additional employees in addition to CEO Parag Agrawal.
In other news, the S&P Dow Jones Indices announced that as of the start of trading on Tuesday, November 7, Arch Capital Group Ltd. (ACGL) would replace Twitter Inc. (TWTR) in the S&P 500.
Twitter's potential cryptocurrency aspirations are yet unknown. While Twitter had included bitcoin tipping in 2021 under the leadership of then-CEO Jack Dorsey and added ether wallets to the feature earlier this year, Musk explained the rationale for Twitter adopting digital payments into its site in a June interview.
A new initiative from payment processor Stripe, which in April unveiled a feature permitting payments in USDC via Polygon, was also tested for the first time by Twitter.
The crypto community is hailed as having won with Musk's takeover. CEO of Bitcoin ATM provider CoinFlip, Ben Weiss, expressed how Elon has been outspoken about his views on cryptocurrencies and blockchain for the past few years. He added that Musk is aware of Web3 and the potential of blockchain technology, which will be crucial in accelerating adoption.
Weiss added that decentralisation is a severe potential for Twitter. He also said that shutdowns and restrictions had increased frequently in recent years.
This development beams with potential for innovations. Kindly share any other thoughts about this in the comments section.
