Billionaire and Tesla CEO Elon Musk has once again expressed his intention to buy it, amid the continuing ups and downs over the acquisition of social media platform Twitter. Till a few months ago, the deal was moving forward, but suddenly Musk withdrew from it due to which the matter went to court. There was talk of a deal between the two for the acquisition of Twitter for $ 44 billion. After stalling for some time, the talks are going to start again and Twitter has accepted that there has been another proposal from Musk regarding the deal.
The world’s richest man informed the Securities and Exchange Commission (SEC) through a letter that he would like to continue the contract with Twitter. In April this year, Elon Musk signed a deal with Twitter for this acquisition for about $ 44 billion at $ 54.20 per share. Before the deal was struck, Musk put the deal on hold in May and asked his team to verify the truth of Twitter’s claim (less than 5% of accounts on the social media platform are bots or spam accounts).
Received letter from Elon Musk: Twitter
Meanwhile, Twitter confirmed to AFP news agency that it had received a letter from Elon Musk, which stated that Musk intended to enter into the deal at a previously agreed price of $54.20 per share. The conditions mentioned in Musk’s letter also state that the court has stayed proceedings against him in the trial. He was questioned under oath by Twitter’s lawyers later this week.
On Musk’s U-turn, Carl Tobias, a law professor at the University of Richmond, told AFP: “I think Musk has understood that he is unlikely to win this case.”
However, amidst the deal and the prospect of Elon Musk becoming the new owner on the social media site, there was an atmosphere of fear among a large number of employees. A large number of people began to fear that they might open the door to more derogatory and misinformed posts.
Twitter company went to court in July
Twitter, on the other hand, sued Elon Musk after his decision to back out of the acquisition deal. The social media company filed a case in the Court of Chancery in Delaware on July 13, accusing Musk of creating hypocrisy. There have been many rounds of debate in the court.
Meanwhile, shares of the company jumped after reports of Elon Musk moving forward on a $44 billion deal to acquire Twitter after months of legal battles, prompting the stock to stop trading. First this news was given by Bloomberg News quoting some sources.
Musk has offered to acquire the social media company at a price of $ 54.20 per share. Shares of the company climbed 13 percent to $47.95 amidst reports of a move on the deal. Due to this the trading of shares had to be stopped. If reports are to be believed, Musk has expressed his intention to complete the deal by sending a letter to Twitter. This deal has already got the approval of the shareholders.
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