Elon Musk resubmits bid to buy Twitter

The storied story of Elon Musk's acquisition of Twitter came to a close on Tuesday after the Tesla CEO made a new offer to buy the company for the initial agreed price of $44 billion.

Twitter announced on the same day that it had received a letter from Elon Musk about the offer. Twitter says it intends to close the deal at $54.20 per share.

Following the announcement of Elon Musk's agreement to proceed with the Twitter acquisition deal on Tuesday, October 3, the company's stock price rose 22%, and as a result, trading in the shares was suspended.

Elon Musk, the world's richest person, pulled out of an initial $44 billion deal to buy Twitter in April, a decision that has sparked a legal battle between him and Twitter. Musk's offer was valued at about $54 per share, but his withdrawal and uncertainty about Twitter's future have sent the company's stock price plummeting in recent months.

Bloomberg News previously reported, citing several unnamed informed sources, that Elon Musk had expressed his desire to move forward with the deal in a letter to Twitter's board of directors.

Elon Musk in April cited Twitter's incomplete information about fake accounts and spam as the reason for his decision to pull out of the deal. But Twitter's board of directors denied the accusation, saying that Mr. Musk regretted his decision because of the decline in the financial value of all digital technology companies on the stock market.

Twitter's board of directors filed a lawsuit against Mr. Musk, providing documents to support its claim. The first court hearing on the lawsuit, one of the largest legal disputes in the US stock market, is scheduled for October 15.

Most legal and financial experts have emphasized since the beginning of this dispute that the judges will most likely not accept Elon Musk's claims because there has been no significant change in the way Twitter operates in the short period between the initial agreement between the two parties and Elon Musk's termination of this agreement, and Mr. Musk must have been aware of what he calls the "lack or inaccuracy of information" about the fake Twitter accounts.

Source: Radio Farda