BitTorrent sold to Tron founder Justin Sun, companies file for a merger
BitTorrent Inc has reportedly been acquired by Tron (TRX) founder Justin Sun. Last week, the acquisition closed and staff has been notified of the deal, Variety reported.
However, the representatives of the company of Justin Sun did not comment anything on the same, yet. The rumours or speculations around the possible acquisition of BitTorrent by Sun was first out in the month of May. TorrentFreak report suggested that Sun was pursuing the company.
Though, reports suggest that Sun started talking about it around September, last year. The letter of intent to acquire it was signed in January. The deal was however held up as BitTorrent started talking to additional bidders. It led the Tron founder to file a temporary restraining order mentioning that BitTorrent agreed to not pursue any other offers.
Later, he dropped the lawsuit and went ahead to register a company known as Rainberry Acquisition Inc. Strangely, BitTorrent also changed the name of its corporate entity to Rainberry Inc. around the last year’s beginning. According to the Variety report, last week, due to a merger, the Rainberry Acquisition owned by Sun filed status change with the California Secretary of State. On the same day, Rainberry Inc., the BitTorrent’s corporate entity also filed for a merger. It strongly suggests that the two companies have already merged. In fact, variety confirmed that Sun has indeed acquired BitTorrent.
Tron (TRX) value
The value of Tron (TRX) is in deep red currently, in fact, it is among the top coins that went down the most. Tron (TRX) price is at $0.0466 with 12.62 percent loss in the last 24 hours, according to the Coinmarketcap. It has a market cap of $3 billion and the trading volume is around $65 billion. It will be interesting to see how BitTorrent and Tron (TRX), go hand-in-hand and work as they are now in the hands of the same owner — Justin Sun. It is also to be seen whether the acquisition is going to change the future of the coin or not.
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