Elon Musk offers to buy Twitter at the original price


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According to people familiar with the matter, Musk tweeted a letter with the offer. The news sent Twitter shares up more than 18%.

Less than two weeks before a lawsuit involving Twitter and Elon Musk began, Bloomberg reported that the Tesla CEO had made an offer to buy the microblogging platform at an initial price of $54.20 per share.

Bloomberg, citing unnamed sources, said in the report that Musk tweeted a letter with the offer. The news sent Twitter shares up more than 18%.

Earlier this year, Musk offered to buy the social media company for around $44 billion. Soon after, Musk began accusing Twitter of providing misleading information about the number of bots on the platform and eventually backed out of the deal.

This forced Twitter to sue Musk in an attempt to force him to honor the deal. The trial is due to begin on October 17.

Meanwhile, Twitter has been rocked by explosive allegations made by a former top executive, who accused company officials of everything from complicity in the Jan. 6 riots to employing foreign spies.

Musk’s main claim against Twitter was that the San Francisco-based company broke their agreement because it wouldn’t share enough information with him to back up his claim that spam or fake accounts constitute less than 5% of Twitter. its active users. Twitter stood by that estimate, but also said it’s possible the number of such accounts could be higher.

The whistleblower, former Twitter security chief Peiter Zatko, also alleged that the number of bot accounts on Twitter was significantly higher than the 5% claimed by the social media giant.

The allegations appeared to bolster the case of Elon Musk, with a judge allowing the Tesla CEO to add the whistleblower’s allegations to his countersuit. However, the judge denied the billionaire’s request to delay the trial.
However, legal experts said Twitter has a strong legal case against Musk and added that the microblogging platform may opt for a renegotiation or settlement instead of a lengthy legal battle. Musk’s latest move is consistent with the analysis.


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