Report: Elon Musk Now Wants to Complete Original Twitter Deal
- Laurent Giret
- Oct 04, 2022
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Elon Musk has reportedly changed his mind and wants to buy Twitter again. According to Bloomberg who cited people familiar with the matter, Musk proposed in a letter to go through his initial acquisition offer at $54.20 a share, which made Twitter stock jump 15% until it was halted today.
Musk made his offer to buy Twitter in April, claiming that he would unlock the platform’s potential and make it better by open-sourcing its algorithm. However, Musk quickly backtracked and accused Twitter to lie about the number of bots compared to real users on the platform.
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In July, Musk backtracked from the $44 billion deal and forced Twitter to sue him. The trial is actually set to begin later this month on October 17. “Musk’s legal team was getting the sense that the case was not going well, as Judge Kathaleen St. J. McCormick sided repeatedly with Twitter in pretrial rulings, according to one person familiar,” Bloomberg wrote.
It’s possible that Musk, who is already Twitter’s biggest shareholder, finally realized that he had no choice but to complete a deal that never really made a lot of sense from the beginning. Anyway, CNBC is reporting that Twitter is seriously considering Musk’s offer and that the deal could be concluded “within a matter of days.” In that case, this would put an end to all ongoing litigation.