UPDATED 10/5, 7:15 p.m. ET: Apollo Global Management Inc. and Sixth Street were poised to help fund Musk’s Twitter purchase earlier in 2022, but are “no longer in talks” with him, per Reuters sources.
The companies “were looking at providing about $1 billion for the deal,” the outlet writes, adding that both Apollo and Sixth Street declined to offer comment on reportedly backing out.
See original story below.
Elon Musk has proposed buying Twitter for the original offer price, a report shared Tuesday alleged.
Indeed, per a piece published Tuesday by Bloomberg, Musk is claimed by “people familiar with the matter” to have said in a letter to Twitter he would buy the company at a price of $54.20 per share.
Complex has reached out to Twitter for comment. This post may be updated.
In August, Musk cited allegations from a Twitter whistleblower in the latest iteration of his push to back out of the original Twitter deal, news of which spurred a great deal of commentary on social media and beyond. Amid the discourse, Musk has asserted his belief that former president Donald Trump should be allowed to return to the platform following his permanent suspension in connection with the fatal Capitol riot.
Twitter announced last month that shareholders had approved a merger agreement under which Musk would acquire the company for the previously proposed price of $54.20 per share. A continually highlighted point of contention for Musk has been the issue of bots, with the Tesla CEO having argued data was being withheld.
Earlier into the extended back-and-forth, Twitter was confirmed to have sued Musk over his statements about calling off the multibillion-dollar deal. Musk’s team said in an SEC filing at the time that he wanted to “understand how many of Twitter’s claimed mDAUs were, in fact, fake or spam accounts.” (Note: mDAUs is short for monetizable daily active users).
A trial in the case had been set to begin later this month, although it wasn’t immediately clear how the case would be affected by the latest reports on Musk’s alleged re-offer.
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