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%.
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.