Billionaire entrepreneur Elon Musk in a letter to Twitter on Tuesday renewed his proposal to proceed with the purchase of the social media company for the original price of $54.20 per share, Bloomberg reported
WASHINGTON (Pakistan Point News / Sputnik - 04th October, 2022) Billionaire entrepreneur Elon Musk in a letter to Twitter on Tuesday renewed his proposal to proceed with the purchase of the social media company for the original price of $54.20 per share, Bloomberg reported.
Twitter shares jumped 18% after news of the resumption of talks on a multi-billion-dollar deal, the report said.
The news comes after Musk contemplated for months on whether to proceed with the deal. In September, Twitter shareholders approved during a special meeting Musk's $44 billion bid to buy the social media company.
This fate of the merger deal now falls on a court decision amid Musk's effort to pullout out of the buyout after the tech mogul in April backed out from the $44 billion deal he had signed. Musk said he decided to abandon the acquisition of Twitter because he was concerned about the true number of spam accounts on the company's platform. Twitter sued Musk for abandoning the deal, but Musk countersued.
In July, Musk's legal team initially filed a notice to terminate the Twitter acquisition, citing the company's alleged non-compliance with its contractual obligations, including its purported inability to provide the information needed to complete a comprehensive analysis of spam and fake accounts.
In August, his team filed another notice to Twitter to terminate the acquisition deal, seeking to use the allegations of the company's former security chief about security flaws as an additional legal argument.
