• Thu. Feb 2nd, 2023

No going back – Elon Musk will buy Twitter for Initial Bid Price of $44b

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Westgate
Read Time:52 Second

According to a letter from Musk’s attorneys submitted to the Securities and Exchange Commission, Musk offered to purchase Twitter for the initial bid price of $44 billion.

The deal had been put on hold after several months of legal disputes.

Twitter claims it plans to sell the business for that sum, but it did not commit to dropping its legal action against Tesla CEO Elon Musk, a multibillionaire.

“We received the letter from the Musk parties which they have filed with the SEC,” Twitter said Tuesday. “The intention of the Company is to close the transaction at $54.20 per share.”

Business mogul Elon Musk had in July terminated the $44 billion deal to buy Twitter.

He lawyers had filed a with the Securities and Exchange Commission to that effect.

Musk accused Twitter of making “false and misleading representations” about the prevalence of fake accounts on its platform.

He says the company has not complied with its obligations to share data and information that he says he needs to evaluate its business.

AIT
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