BitTorrent Inc, a renowned software company is reported to have been sold off to developer of TRON platform, Justin Sun. According to an article posted on Coin Telegraph, the sale was finalized last week and it was not until the final stages of the sale that the management team of BitTorrent informed the staff that the company had a new owner.
Employees Directed Not to Spill the Beans
There are also reports making rounds online that the employees were requested not to reveal information about the sale to the public, but as expected the news have leaked across the globe. Some of the stakeholders or investors who have purchases shared from the company have also been contacted by a transfer agent who was contracted by the two companies to facilitate the transfer of shares. At the moment, details of the amount of money involved are yet to be revealed to the public.
Just last month, April, a number of websites reported that BitTorrent was in the final stages of being sold out to a new investor and the news that the sale actually happened is proof that the reports were not just mere rumors. Justin Sun started negotiating with BitTorrent last year on September but it was not until January this year that he wrote and signed a letter that showed his intent to purchase the company.
BitTorrent Negotiation Had Hit a Roadblock
However, the negotiations hit a roadblock because BitTorrent was involved in other dealings and negotiations with other potential buyers. The deal was temporary suspended until the company made a decision to settle down for Justin’s deal. It is important to point out that the negotiations that BitTorrent was having with other potential companies was against the agreement signed by the two parties and resulted in a lawsuit that was later on dropped by Sun.
Notably, BitTorrent rebranded itself by changing its name to Rainberry Inc early this year but it is reported that the company filed a request with the California Secretary of State to change the name back due to the merger. There are also rumors that BitTorrent Rainberry Incorporation also filed a merger with the same office the same day in a bid to speed up the sale process and ensure that the deal is sealed smoothly.
Company representatives and Sun himself could not be reached for comment and all our calls went unanswered possibly because the company does not want to reveal too many details about the deal yet. However, it is important to state that it is important for companies involved in the cryptocurrency business to reveal such information to their customers to ensure transparency and diligence.
BitTorrent was developed by Bram Cohen and have been operating for more than three years. Its live streaming feature was however was suspended late last year when Cohen quit his position in the company and joined Chia as the CEO. The main objective of the company is to positively impact the industry by improving cryptocurrency infrastructure.
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