Twitter confirms Elon Musk’s intention to close takeover offer at original price

Twitter on Tuesday confirmed that Tesla CEO Elon Musk sent a letter saying he would go through the deal he signed earlier this year to buy the platform for $44 billion (about 3.58 billion euros). .300 Rs).

“Twitter made this statement on today’s news: We have received letters from Musk’s parties that they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 (approx. Rs 4,400) per share,” wrote the official Investor Relations Twitter account.

After the news broke, the billionaire is proposing to continue to spend $54.20 (about $4,400) per share to buy social media platforms, TwitterIts share price rose to 12.7% before trading was halted for a second time. In contrast, shares of Tesla fell about 3%.

Musk has been stuck in a fierce legal battle with Twitter since announcing in July this year that he would pull the plug on his $44 billion (about Rs 3,58,300) acquisition of the company after a year. The courtship was complicated and lasted many months.

Musk rescinded the deal, claiming he was misled by Twitter about the number of bot accounts on its platform. These allegations were immediately denied by the company.

The latest report on the Twitter acquisition deal comes ahead of a Delaware Court hearing on October 17, where the two sides are expected to clash over a multi-billion dollar acquisition deal.

“This is a clear sign that Musk has realized going to the Delaware Court that the chances of winning against the Twitter board are very unlikely and the $44 billion deal (approximately Rs 3,58,300). ) will be accomplished one way or another,” Wedbush analyst Dan Ives told Reuters.

Earlier, Twitter sought an order directing the Tesla CEO to complete the deal at $54.20 (about Rs 4,400) per share.

Meanwhile, Musk has called for the dismissal of a shareholder lawsuit against him for canceling the deal and subpoenaing the former CEO of the social media company.

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