Explainer-in-brief: The back story of the bizarre Elon Musk Twitter deal
Yes, no, yes. Elon Musk has been uniquely indecisive about his buyout of Twitter. He seems to have finally capitulated and confirmed the deal just weeks before he was expected in court over his u-turns.
The legal drama started when Musk announced he was going to buy the social media platform in a $44bn deal. Musk, an avid user himself, promised he was going to keep the platform a beacon of free speech – prompting some to wonder what a Musk-owned Twitter would look like in terms of abuse and damaging content.
Then, he changed his mind, claiming the number of fake accounts and bots on the platform was higher than what Twitter disclosed, and that as a consequence the platform was worth less. Twitter shareholders, bewildered, took legal action.
Now Musk seems to have settled. Twitter shares have oscillated following his changes of heart – so shareholders are alert. But until the deal is completed, it’s fair to say they might not sleep tight.