Tesla CEO ElonMusk’s $44 billion deal to buy Twitter will include a fee of $1 billion if either party terminates the agreement.
Tesla CEO Elon Musk’s $44 billion deal to buy Twitter will include a fee of $1 billion if either party terminates the agreement, according to a Securities and Exchange Commissionsubmitted by the company Tuesday, one day after the social media company’s board backed Musk’s takeover offer.... [+]
a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany.Twitter will be required to pay Musk $1 billion if the board cancels the purchase in order to sell the company to another buyer before the deal with Musk is closed, or if the company’s board recommends its stockholders vote against the merger, among other stipulations.
Musk will also need to pay Twitter $1 billion if he does not adhere to the deal agreed upon by both parties, according to the filing.Twitter’s board agreed to Musk’s “best and final offer” of $54.20-a-share 11 days after the world’s richest man made the initial unsolicited bid. Musk’s purchase will be financed by $21 billion in equity and $20 billion in loans from the investment bank Morgan Stanley. The saga began earlier this month, when Musk disclosed he’d bought 9.
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