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X, formerly known as Twitter, is an online service that lets users send and read short messages. The site is used by celebrities, brands and journalists to distribute news directly to their fans. The site was launched in July 2006 by Jack Dorsey, Evan Williams, Biz Stone and Noah Glass. The company was listed on the New York Stock Exchange on November 7, 2013. The company was purchased by Elon Musk, for $44 billion, in September 2022 and rebranded as X on July 24, 2023.

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5 Oct, 2022

Musk tried for Twitter discount

Elon MuskNegotiation0 Comments

In the weeks before Musk’s bid to own Twitter was back on the table, his representatives asked for a discount of 30%, a proposal that would have valued the company at roughly $31 billion. Twitter rejected the proposal.

In the past week, a discount of 1% was discussed, a valuation of $39.6 billion, but the talks did not move forward. Twitter’s market cap as of Wednesday was $39.2 billion.

Musk said completing the acquisition was dependent on his ability to secure financing from the banks that had agreed to back his April bid, which offered $54.20 per share. If the banks do not follow through, Musk will have to pay a $1 billion breakup fee. He has also asked Twitter to halt its litigation against him.