The management of micro-blogging website Twitter has said that Elon Musk's purchase deadline has expired. Elon Musk announced in April t...
The management of micro-blogging website Twitter has said that Elon Musk's purchase deadline has expired.
Elon Musk announced in April that he would buy the microblogging site for 44 billion, offering Twitter more than 54 per share, and Twitter's directors accepted his offer.
Elon Musk later vowed not to buy Twitter immediately, citing the existence of fake accounts, and later vaguely hinted at not buying Twitter.
Also read: Twitter deal agreed, Elon Musk becomes owner
Now, Twitter's management has said that the legal deadline for Elon Musk's purchase expired on June 2.
According to Reuters, Elon Musk's deadline expired on June 2 and the completion of the purchase agreement will now be subject to the approval of government agencies, including the re-approval of the directors.
Twitter management, citing the Hurt Scott Rodino Anti-Trust Act, said that Elon Musk would now have to re-purchase and enter into agreements under the same act.
In addition to the Twitter statement, Elon Musk is also facing an investigation by the US Security Exchange and has been asked how he would transfer such a large sum of money and what would be the procedure.
Read more: Elon Musk hints at charging Twitter's official, commercial users
Elon Musk has raised 33 billion out of 44 to buy Twitter, with plans to raise another ارب 13 billion under equity financing.
It is unknown at this time what he will do after leaving the post.
Elon Musk's offer was accepted by Twitter directors in April, and in a way a purchase agreement was reached between Elon Musk and Twitter, but ownership rights were not transferred to Elon Musk.
Elon Musk did not submit any advance or collateral for the purchase agreement, nor did Twitter formally state that the microblogging site had been sold.
It is thought that Elon Musk may suspend his decision to buy Twitter, but it is too early to say.
Elon Musk's expiration date also saw an increase in Twitter shares and the share price of Twitter in the stock market exceeded 40 per share.
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