After the big row... Elon Musk pushes ahead with the Twitter deal
Tesla CEO Elon Musk decided to reverse course with Twitter in relation to the acquisition deal and proceed with the purchase.
Musk this morning wrote to Twitter proposing to complete the purchase of the company for 54.20$ per share (his original offer) despite months of tension and attraction.
According to Bloomberg news agency, Elon Musk's decision to proceed with the purchase follows a strong disagreement with the social media company over the 44 $ billion acquisition deal, which moved to the courts over a dispute over the number of fake accounts on the popular social media site.
Elon Musk is due to appear in court on October 17, after Twitter decided to sue him for wanting to withdraw from the deal.
Following the news, Twitter's stock jumped about 15%, before trading on the stock was halted at 47.93 $ due to acquisition news.
Musk had said Twitter had miscalculated the number of fake users on the site, which was a major reason he wanted to withdraw from the deal.
His lawyers also claimed that Twitter was misleading investors about the company's numbers and filings with the Securities and Exchange Commission.
For its part, Twitter stated that Elon Musk's claims are not true, nor are they based on a genuine understanding of how the company estimates the number of unreal accounts on the site.
The company asserted that Musk was "looking for a reason" to withdraw from the transaction due to the depreciation of shares as a result of the overall decline in markets.
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