Elon Musk is a billionaire who is never out of the limelight. Be his controversial opinions, tweets, or business, the Tesla CEO remains the talk of the town. His feud with the social media giant, Twitter, was going on for months and morphed into a legal battle after Musk backed out of the deal.
Now, the 51-year-old industrialist has proposed to complete the $44 billion deal to buy Twitter at the original agreed-on terms. This marks the end of his months-long legal fight with the social media giant. Let’s find out more about what exactly happened.
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Elon Musk Agrees To Complete His $44 Billion Twitter Deal
Musk was at loggerheads ever since he backed out from the $44 billion deal to buy Twitter. Since then, he has been taking a dig at the social media giant via their own platform.
According to a report from Variety, the SpaceX founder has proposed to complete the $44 billion deal at the original agreed-on terms, ending their three-month-long legal battle.
In a letter to Twitter, Musk offered to close the deal at the $54.20 per share price, according to an SEC filing by Twitter on Tuesday. This comes just two weeks before a trial was scheduled to begin on October 17 in Delaware Chancery Court to hear Twitter’s lawsuit.
They had filed a lawsuit to force Musk to abide by the original offer price. On October 3, Musk’s legal team sent a letter to Twitter that he “intends to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby”.
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The End Of Musk-Twitter Messy Legal Battle
After the proposal, Twitter issued a statement saying: “The intention of the company is to close the transaction at $54.20 per share.” The agreement is conditioned on the Court entering an immediate stay on Twitter’s lawsuit against Musk.
He exited the deal citing that Twitter has been unable to prove its claim that less than 5% of active users are bots or spam accounts. He also mentioned the company’s lack of transparency on fake information.
The social media giant sued the world’s richest man in April this year. Elon’s proposal comes after Musk must have realized that he might lose the legal battle.
Twitter’s lawyers have alleged Musk chickened out of the deal after his personal net worth dropped with the decline in the stock price of Tesla.
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