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Elon Musk is ready to accept the deal to purchase Twitter at the original price, which was $54.20 per share. His attorneys sent a proposal letter about the same, and Twitter replied by stating:
“The intention of the Company is to close the transaction at $54.20 per share.”
Musk made the offer in April this year but changed it after a month. He stated that the company refused to follow the contract and provide the business info he requested. He mentioned that Twitter understated the number of spam bots on their site.
Twitter was not ready to accept the deal and sued Musk so the deal was closed. The trial was scheduled to start this month, but that may not happen if Musk has accepted the terms and conditions.
Elon Musk dropping his plan to buy Twitter
Back in July 2022, Elon Musk rejected the plan to purchase Twitter in a deal worth $44 billion. He revealed that he had to cancel the deal since the company did not follow the terms and conditions of the contract.
Chairman of Twitter Bret Taylor revealed on the site that they were taking legal action against Musk for pulling out of the deal. He wrote:
“The Twitter Board is committed to closing the transaction on price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”
According to Musk, Twitter did not reveal anything about fake and spam accounts and the process to disable those accounts. Legal head of Twitter Vijaya Gadde stated in a letter that Musk requested the information for two months, which was important to assess the prevalence of fake and spam accounts on the platform. The letter continued:
“This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr. Musk’s financing and financial planning for the business. Twitter has failed or refused to provide this information.”
Elon Musk also claimed that Twitter refused to disclose the number of fake and spam accounts and that it was more than what they stated. Meanwhile, Twitter's CEO said that they gave proof of the 5% of fake accounts that existed.
In brief, about Elon Musk
Elon Musk is mostly known as the CEO of Tesla, Inc. His net worth is estimated to be around $238 billion and his name has been included in the real-time billionaires' list of Bloomberg Billionaires Index and Forbes.
He founded SpaceX in 2002 and created a solar energy company, SolarCity, in 2006, which was later acquired by Tesla. He is the co-founder of the nonprofit research company OpenAI and Neuralink, a neurotechnology company that develops brain-computer interfaces.
