Twitter on Tuesday confirmed that the CEO of Tesla, Elon Musk sent a letter stating that he will go through the deal he signed earlier this year to buy Twitter for USD 44billion. The official account of Twitter Investor Relations stated that the Company will close the transaction at $54.20 per share. Musk told Twitter this week he is willing to honour their original deal but as of late Wednesday, representatives of Musk and Twitter were reportedly still at odds over terms in an agreement that could end the litigation.
Musk, the chief executive of electric car maker Tesla Inc, will take over a company he originally committed to buying in April. After the news came out that the billionaire is continuing to go with the USD 54.20 per share to buy the social media platform, Twitter’s share on spot increased by 12.7% whereas Tesla’s share dropped by about 3%. Musk has been caught up in a legal battle with Twitter since July this year regarding the purchase of the company following a months-long courtship. But Musk has cancelled the deal claiming that he was deceived by Twitter about the number of bot accounts on its platform.
Source: Moneycontrol
According to the latest report, there will be a hearing on 17th October at the Delaware Court regarding the Twitter buyout deal, where the two sides are expected to clash over the multi-billion dollar buyout deal. Meanwhile, Musk had called for the dismissal of a shareholder lawsuit against him for cancelling his deal and subpoenaing the social media company’s former CEO. However, despite the deal turning chaotic, Twitter's shareholders approved the $44 billion buyout. According to Twitter, more than 98.6 per cent of votes were cast in favour of the deal.
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