Elon Musk never ceases to amaze. Hanging over him like a sword of Damocles was a lawsuit by Twitter, which proclaimed that Elon did not act in accordance with the law when he first initiated the purchase of the company.
It all started on April 25, when Elon offered to buy the social network for $44 billion. Twitter readily accepted the offer. A few months later, specifically on July 8, the buyer dropped the offer. Then came the aforementioned lawsuit, and the whole thing was supposed to be wrapped up with a trial sometime in late October. It was there that it was to be determined to whom the company rightfully belonged. However, at the last minute, Musk renewed his offer, at the original price of USD 54.20 per share.
Elon kills two birds with one stone. On the one hand, he avoids court, and on the other hand, he secures another company in his portfolio. Elon claims that there is no freedom of speech on Twitter and he wants to fix that. At the same time, buying the app will speed up his processes in creating X, which Elon says should be the app of everything, as he announced on his Twitter account. The company's shares have reacted to the situation with a 20% increase and are now at $49, which is still up 15% since the purchase initiation was renewed.* It will certainly be exciting to watch the situation continue.
* Past performance is no guarantee of future results.
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