In what seems to be a never-ending saga, SpaceX founder Elon Musk’s tumultuous $44 billion bid to take over Twitter seems to have hit another bump in the road.
Earlier this month, Musk renewed his bid to purchase the social micro-blogging platform after pulling out of the deal in the summer due to what he claimed were numerous technical issues and contract breaches.
Twitter threatened to take Musk to court, who attempted to disrupt the process before having a change of heart and reissuing his original bid to take over the company at the agreed price of $54.20 per share.
However, it seems the deal has hit another snag, with equity partners looking for a way out of what they deem to be a risky venture. This could prove to be a serious development, as much of the $44 billion will be funded by these partners.
What’s more, Twitter went on to confirm that Musk is currently under investigation by federal authorities. While details are vague, it is understood that the investigation is regarding the takeover, although it is unknown what aspect or capacity is being looked at.
The news broke after a Twitter court filing was released on Thursday. The company said: “This game of ‘hide the ball’ must end”, referring to Musk’s team’s refusal to hand over requested documents.
Earlier this month, Musk renewed his bid to purchase the social micro-blogging platform after pulling out of the deal in the summer due to what he claimed were numerous technical issues and contract breaches.
Twitter threatened to take Musk to court, who attempted to disrupt the process before having a change of heart and reissuing his original bid to take over the company at the agreed price of $54.20 per share.
However, it seems the deal has hit another snag, with equity partners looking for a way out of what they deem to be a risky venture. This could prove to be a serious development, as much of the $44 billion will be funded by these partners.
What’s more, Twitter went on to confirm that Musk is currently under investigation by federal authorities. While details are vague, it is understood that the investigation is regarding the takeover, although it is unknown what aspect or capacity is being looked at.
The news broke after a Twitter court filing was released on Thursday. The company said: “This game of ‘hide the ball’ must end”, referring to Musk’s team’s refusal to hand over requested documents.
