Multi-billionaire Elon Musk originally proposed to purchase the social media platform Twitter earlier this year, though quickly rescinded his offer. This led to Twitter filing a lawsuit against Musk, but it looks like plans have changed and he’s buying Twitter again for $44 billion after all, possibly in an attempt to avert the impending trial.
According to BBC, Musk has now changed his mind about buying Twitter (again). The billionaire recently sent a letter to the firm, confirming that he’s agreed to purchase Twitter at the original price point of $44 billion. Both Twitter and Musk were due in court on 17 October regarding his decision to pull out of the deal.
MORE TWITTER – Twitter Prepared To Accept Elon Musk $45 billion Offer
Twitter seemingly had a stronger case against Musk when it openly sued him, thus forcing this new renegotiation. A spokesperson for Twitter confirmed that it had received Musk’s proposal, adding “the intention of the company is to close the transaction at $54.20 per share.” This was the agreed upon price that Musk promised back in April.
When Musk announced that he intended to purchase Twitter earlier this year, he promised to clean up spam and bot accounts from the platform and preserve free speech. Mere weeks later, Musk quit the deal after citing that the number of spam accounts was much higher than Twitter claimed.
A lawsuit followed soon after with Twitter suing Elon Musk for pulling out of the deal, as well as denying accusations of misleading its spam account reports. Twitter executives argued that Musk, who is currently the richest person in the world with a net worth of over $220 billion, was simply too worried about the buyout price.
The lawsuit has now seemingly forced his hand as he’s now back on board to purchase Twitter. Some industry watchers suggest that this was a delay tactic on Musk’s part, though we’ll never know the truth unless the billionaire openly discusses the case… probably on Twitter.
Source: BBC
