“Yes, that is the reason.” In an interview with the British media BBC, Elon Musk recognized for the first time the real reason that led him to buy Twitter. Although several reversals of the billionaire marked the year 2022, it was the holding of a trial that decided him to conclude the sale.
In April 2022, Elon Musk became the largest shareholder of the social network, with 9.2% of the capital. In the process, he announced his intention to take over 100% of the company. But a month later, the businessman backed down. Convinced that the platform is infested with fake accounts, he stops the redemption procedure.
A trial avoided thanks to the takeover bid
The only problem is that Elon Musk’s decision-making and withdrawals have altered the market price of the company’s shares, profoundly changing its value. So much so that Twitter made the decision to sue its potential buyer. A trial was to begin on October 17.
A few days after the opening of the trial, the billionaire gives in and agrees to buy Twitter. This resulted in the avoidance of trial. But Elon Musk had no illusions about his outcome.
During the interview, the BBC correspondent asked the owner of Twitter if he ultimately acquired the social network because a judge would have forced him to do so anyway. “Yes, that’s why,” Elon Musk replied.
Reacting to this interview on BBC Radio 4, former Europe, Middle East and Africa Twitter leader Bruce Daisley detailed: “[Elon Musk] admitted today that the only reason he bought Twitter was because he thought a judge would force him to complete the transaction.”
Source: BFM TV
