- Elon Musk confirms that Apollo Global and Sixth Street will not fund the Twitter deal.
- The price of Twitter shares hiked by more than 20%, reaching a high of $52.06.
- Both parties agreed to postpone the scheduled court deposition for Thursday.
The controversy surrounding Apollo Global Management (NYSE:APO) and Sixth Street Partners pulling out of financing Elon Musk’s $44 billion takeover of Twitter exacerbated investor concerns about the agreement. Elon Musk has disclosed that neither of the two companies participated in either the May debt financing or third-party stock fundraising.
Earlier this year, investors like Apollo, Sixth Street, and others sought to invest over $1 billion in the purchase.
In a tweet on October 6, Gary Black, the managing partner of investment advisory “The Future Fund LLC”, argues that Apollo Global Management and Sixth Street Partners’ lack of interest in funding the Twitter transaction is unimportant.
He claims neither company was a part of the $7.1 billion outside equity investment in May. Neither Apollo Global nor Sixth Street contributed to Elon Musk’s loan funding.
Elon Musk, CEO of Tesla (NASDAQ:TSLA), responded “Correct” to tweets disputing the significance of Apollo Global and Sixth Street in acquiring Twitter.
Many others also think that Elon Musk’s approval of the Twitter purchase agreement could affect the results of future elections.
The price of Dogecoin (DOGE) increased by about 10% to a high of $0.066 after Musk decided to purchase Twitter at the predetermined price of $54.20 per share. The cost of DOGE is $0.065 at the time of writing.
Additionally, Twitter stock increased by more than 20% to $52.06. Twitter stock is currently trading in pre-market hours at $51.30.
While preparing to conclude their legal dispute and complete Musk’s $44 billion acquisition of Twitter, the two parties decided to postpone the billionaire’s scheduled court deposition for Thursday to end the lawsuit.
Earlier in the day, Chancellor Kathaleen McCormick (NYSE:MKC), a Delaware’s Court of Chancery judge, stated she was getting ready for the impending trial. However, Twitter’s legal team had not yet accepted any settlement.
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