President Joe Biden said that Elon Musk’s acquisition of Twitter, which including funding from foreign countries including Saudi Arabia, was “worthy of being looked at.”
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With the deal completed, Twitter is once again a private company. Its shares stopped trading nearly nine years after it went public under the symbol TWTR on the New York Stock Exchange.
Musk agreed to buy Twitter in April and take it private before trying to get out of the deal, claiming Twitter misrepresented the number of spam and fake accounts on its platform, which Twitter denied. Twitter sued Musk to complete the purchase. Earlier this month, Musk offered to buy Twitter at the original price of $54.20 a share. A Delaware Court of Chancery judge delayed the trial that had been set for Oct. 17 to give the two sides more time to reach a deal.
Morgan Stanley and Bank of America were among the banks that provided debt financing for the Musk takeover. Equity investors included Saudi Prince Alwaleed bin Talal, Marc Andreessen and Oracle founder Larry Ellison.
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