Artemis Investment Limited – Elon Musk: Twitter Will not Take yes for an Answer

Billionaire Elon Musk has said he aims to complete his purchase of Twitter by the end of the month, but the company "will not take yes for an answer".
 
HONG KONG - Oct. 10, 2022 - PRLog -- In a court filing, he said the social media platform had raised concerns about the "theoretical possibility of a future failure to obtain debt financing" to pay for the deal.

Mr Musk said litigation was no longer necessary, after he said in a surprise move this week that he was prepared to go forward with the original takeover plan, pending receipt of the financing and an end to the legal battle.

"Yet, Twitter will not take yes for an answer. Astonishingly they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders interests."

In its own filing for Delaware Chancery Court on Thursday, Twitter said it was opposed to suspending litigation, calling such a move "an invitation to further mischief and delay."

It said it did not trust Mr Musk's promises, noting that one bank helping to finance the deal had testified this week that it had not received any notice from Mr Musk about plans to move forward.

"Defendants can and should close next week," the company wrote. "Until defendants commit to close as required, Twitter is entitled to its day in court."

Mr Musk announced a plan to buy Twitter for $54.20 per share in April. But he backed away from the deal just a few weeks later saying he was concerned that spam accounts on the platform were higher than Twitter had claimed.

Shares in Twitter ended the day down more than 3%, amid investor doubts the deal will go through.

About Artemis Investment Limited:

Originally established to assist expatriates access financial services in SE Asia, Artemis Investment Limited is a leading independent, boutique financial advisory firm which now caters to a global client base.

Based in Hong Kong for the last 60 years, we have adapted our services to account for the financial world in the 21st Century. We are a borderless company whose staff come from a variety of backgrounds but are united by one attribute, customer focus and objectives above all else.

We understand that many clients know where they want to be, but may not have the knowledge on how to get there. This is where our specialist expertise within the financial services sector is essential in providing the correct timing, opportunity and ultimately, the correct result to establish a lengthy and equitable relationship. This is something that our 20,000 + clients have learnt first-hand.

To find out more, or to sign up to the Artemis newsletter, visit https://www.artemis-hk.com

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