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Twitter Takeover Could Close This Month: Elon Musk

 |  October 6, 2022

On Thursday Elon Musk asked Delaware Chancery Court to stay the trial over his proposed $44 billion takeover of the social media giant, adding that the deal could close on or around Oct. 28, reported CNCB.

“Twitter will not take yes for an answer,” the filing says. “Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests.”

Twitter shares, which ended the day down 3.7% at $49.39, rose 1% after hours as investors appeared reassured after days of confusion. This week, Musk said he would purchase Twitter at the $54.20 per share price he agreed in April, on the condition the deal could secure debt financing.

Elon Musk’s ability to raise debt for his revived takeover of Twitter is likely to face turbulence in a market that has become less receptive than it was a few months ago.

Mr. Musk would need roughly $13 billion of debt as secondary market conditions remain exceptionally tough for high-yield debt.

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Frank McCourt’s Project Liberty Eyes TikTok US Acquisition as Deadline Looms Frank McCourt’s Project Liberty Eyes TikTok US Acquisition

Frank McCourt’s Project Liberty Eyes TikTok US Acquisition as Deadline Looms

 |  January 9, 2025
Frank McCourt, former Los Angeles Dodgers owner and founder of Project Liberty, is spearheading a new proposal to acquire TikTok’s U.S. operations. According to Reuters, McCourt’s initiative, dubbed The People’s Bid, aims to present a formal offer to TikTok’s parent company ByteDance as a looming federal deadline approaches.

Under a law signed by President Joe Biden on April 24, ByteDance must divest TikTok’s U.S. assets by January 19 or face a potential ban. Per Reuters, The People’s Bid consortium was established specifically for this acquisition and claims to have both the financial backing and strategic vision needed to complete the deal. The group has secured interest from various investors, including prominent private equity firms, family offices, and high-net-worth individuals. Additionally, the consortium has arranged debt financing from one of the largest banks in the United States to further bolster its bid.

Read more: Malaysia Grants Licenses to WeChat and TikTok Under New Social Media Law

McCourt’s Project Liberty, launched last year, is focused on reshaping the social media landscape by promoting transparency and data privacy. The bid for TikTok’s U.S. operations aligns with Project Liberty’s broader mission to reduce the reliance on algorithms that often drive content on social platforms. “By keeping the platform alive without relying on the current TikTok algorithm and avoiding a ban, millions of Americans can continue to enjoy the platform,” McCourt said in a statement.

Reuters reports that while the consortium has not disclosed the exact value of its proposal, it asserts that it has the necessary capital commitments to finalize the acquisition. The People’s Bid sees the purchase as an opportunity to ensure TikTok remains accessible to U.S. users while addressing national security concerns tied to the platform’s Chinese ownership.

Source: Reuters