Elon Musk Resubmits Offer to Buy Twitter

The turbulent saga of Elon Musk’s acquisition of Twitter came to a conclusion on Tuesday following a fresh proposal by Tesla’s CEO to purchase the company at the original agreed price of $44 billion.

Twitter announced on the same day that it had received a letter from Elon Musk regarding this proposal. Twitter stated that 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 on Tuesday, October 3rd, the company’s stock value increased by 22 percent, and as a result, trading of these shares was halted.

Elon Musk, the world’s richest person, terminated the initial agreement to purchase Twitter for $44 billion in April, and this decision led to a legal dispute between him and Twitter. According to Elon Musk’s proposal, Twitter’s share price had been calculated at approximately $54 per share, but due to his withdrawal and uncertainty regarding Twitter’s future, the company’s share price had declined significantly in recent months.

Bloomberg News previously reported, citing several unnamed informed sources, that Elon Musk expressed his willingness to proceed with the deal in a letter to Twitter’s board of directors.

In April, Elon Musk cited incomplete information from Twitter regarding fake user accounts and spam on the social network as his reason for withdrawing from the deal. However, Twitter’s board of directors, while rejecting this accusation, stated that Mr. Musk regretted his decision due to the decline in the market value of all digital technology companies on the stock market.

Twitter’s board of directors filed a complaint against Mr. Musk by presenting documents to support their claim. The first court hearing to examine this complaint, which is one of the largest legal disputes in the American stock market, is scheduled to take place on October 25th.

Since the beginning of this dispute, the majority of legal and financial experts have emphasized that it is highly likely that judges will not accept Elon Musk’s claims, as no significant changes occurred in Twitter’s operations during the short period between the initial agreement between the two parties and Musk’s termination of that agreement, and Mr. Musk should have been aware of what he calls “lack of or inaccuracy of information” regarding Twitter’s fake accounts.

Source: Radio Farda