Elon Musk revives Twitter deal ahead of trial

Billionaire Elon Musk revived his offer to purchase Twitter at the original price of $54.20 per share (around PHP 3,185.31 apiece).

File photo: Twitter logo

Elon Musk takes a U-turn in the Twitter deal

According to a report by BBC, Musk changed his mind about buying the social media platform just weeks before the two parties were due in court on October 17.

In a letter he sent to the company, Musk proposed to push through with the acquisition, which he offered months ago.

This is pending the receipt of the debt financing deal and an end to the legal fight launched by Twitter.

Musk first revealed his plans to buy Twitter through a $44-billion deal (around PHP 2.58 trillion) with the goal of cleaning up spam accounts and preserving the platform as a venue for free speech.

In July, the world’s richest man said he was abandoning the billion-dollar deal, claiming that Twitter breached the agreement by misinterpreting the number of fake accounts on its platform. He said the number of fake accounts on the platform was higher than what Twitter claimed.

The social media platform then sued Musk to try to force him to continue the buyout, but Musk countersued Twitter.

A spokesperson for Twitter confirmed that the company received the letter, adding "the intention of the company is to close the transaction at $54.20 per share,” which was the price that Musk promised.

Tweet of Musk

On Tuesday, Musk Tweeted: "Buying Twitter is an accelerant to creating X, the everything app.”

Do you think this is the end of the legal fight and Twitter-Musk drama?

Source: BBC