On April 25, 2022, American centibillionaire Elon Musk negotiated the takeover of Twitter. He was supposed to buy the social network at $54.20 a share, for a total valuation of $44 billion. But, the CEO of Tesla ultimately did not buy the network. Indeed, he has learned, through reports from the SEC, that Twitter is infested with fake accounts. However, Twitter boss Bret Taylor said the platform had less than 5% bots. Now we learn that Elon Musk has decided to return to the negotiating table.
Tesla CEO renews offer for Twitter
When the CEO of Tesla withdrew from the negotiation table for the purchase of Twitter, the social network decided to sue him. A recent Twitter post suggests Elon Musk is trying to avoid trial. Indeed, the CEO of Tesla now seems ready to close the deal at $54.20 per share as had been planned.
“We have received the letter from Elon Musk’s lawyers which has been filed with the SEC. The Company’s intention is to close the transaction at $54.20 per share.“said Twitter. Thus, a letter was recently addressed to the SEC for the immediate suspension of the legal proceedings against Elon Musk.
“Elon Musk and his attorneys intend to close the transaction contemplated by the April 25, 2022 Merger Agreement […]provided the Delaware Court of Chancery immediately stays the Twitter action against Musk, […] and adjust the trial and all other proceedings related thereto pending such closure or other order of the Court“, could we read in the letter.
Elon Musk wants to buy Twitter again. This, according to the conditions of the agreement proposed for the first time on April 25th. To get there, he needs the Delaware Commercial Court to stay the Twitter case against Musk.
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