Elon Musk Makes U-turn, Proposes To Buy Twitter At Original Price

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Elon Musk has reversed his previous position and proposed to buy Twitter at original price.

Eko Hot Blog reports that billionaire business mogul, Elon Musk, has made a U-turn in his efforts to buy Twitter.

EDITOR’S PICK

Recall that the Tesla CEO had in July 2022 withdrawn his $44bn bid to buy Twitter.

In a letter, lawyers for Musk told Twitter that client was walking away from the deal because the social media giant was withholding information about the number of “spam” accounts on the platform. Twitter dismissed that claim.

However, Musk has now reversed his position according to US media reports.

On Tuesday, the world’s richest person reportedly proposed the completion of the deal to acquire Twitter.

A source told ABC News that Musk put forward a proposal to Twitter that would complete the deal at his original offer price of $54.20 a share at a total cost of roughly $44 billion.

Twitter confirmed the SpaceX CEO’s latest proposal in a tweet Tuesday evening.

“We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share,” the company tweeted.

https://twitter.com/TwitterIR/status/1577380758192197632?t=P9hIM0kBQzDs0QUSZ9_CNA&s=19

The proposal will likely bring to an end Musk’s legal tussle with Twitter.

FURTHER READING

The company had filed a lawsuit against Musk in July over his effort to terminate the acquisition agreement. That trial is set to begin in less than two weeks.

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