Tron founder, Justin Sun after a legal battle has finally acquired BitTorrent Inc. Following an error on a letter on intent, there have been speculations that the deal will not materialize.
The issue was initially made public last month when TorrentFreak revealed talks between BitTorrent now known as Rainberry and Justin Sun. During that, it was uncertain of what was really happening but finally, Rainberry disclosed what TorrentFreak had revealed.
From its finding, TorrentFreak discovered that Sun has sent a Letter of Intent to buy Rainberry with a “no-shop” clause. This implied the torrent company is not authorized to negotiate any other deals while the letter is still valid.
Rainberry finally went against the clause and Sun decided to sue the company. Yet, on the same day, the letter went invalid, Tron’s founder registered a company called “Rainberry Acquisition.”
According to reports, Sun’s Rainberry Acquisition Inc. and BitTorrent’s Rainberry Inc. filed for a merger with the California Secretary of State, which proposed they had merged.
There is still very little detail about the deal yet if there is anyone who can afford to buy Rainberry, it is Sun. The Tron Foundation supposedly has $1.65 billion worth of TRX, even though it is not certain if foundation-controlled funds were used to buy the company.
Sun may have probably rescued the dying company. BitTorrent was at some point the hottest new projects in Silicon Valley, yet, it was unable to achieve its potential. Even though the tool was once popular for letting people to share pirated content, Rainberry lost the majority of its user base when similar legal platforms become available.
Using different ways, two CEOs made efforts to save the company but failed.
Tron’s end-goal is to create a decentralized internet, making it possible for blockchain projects to be developed in it. Recognizing Rainberry’s peer-to-peer technology, it is possible for Sun to achieve his decentralized dream.