Elon Musk vs Twitter lawsuit may not be going well for the billionaire as he offers to buy Twitter once again
The Elon Musk vs Twitter saga keeps on taking surprising turns. After offering to buy Twitter in April for a total of US$44 billion, Musk tried to back out of the deal citing concerns about the number of spam/fake accounts on the platform. Twitter in turn filed a lawsuit against Musk to compel the billionaire to complete the acquisition he previously agreed upon. Musk later defended his postponement of the Twitter acquisition in court stating that the social media giant had misled him through SEC disclosures that “contain numerous, material misrepresentations or omissions that distort Twitter's value.”
Twitter shot down the Tesla CEO’s comments about the platform’s alleged misrepresented spam account figures by criticizing Musk’s use of a generic bot detection tool to ascertain the number of fake accounts. Twitter’s lawsuit against the billionaire is set for hearing in court starting October 17. Now, in what some will call an admission of defeat, Elon Musk has offered to buy Twitter once again for US$44 billion.
Per The New York Times, Musk wrote a letter to Twitter informing the company that he wants to buy the platform according to the original terms. Twitter hasn’t accepted Musk’s offer yet and is reportedly preparing to bind Musk by legal conditions to curb any potential change of heart. Interestingly, Musk’s team allegedly tried to secure a discount on the US$44 billion price by as much as 30% before settling to 10%. However, Twitter shot down the proposal.
Finally, Reuters reports that Musk and Twitter are engaged in talks and are close to reaching an agreement to end the litigation process in the coming days.
Source(s)
The New York Times, Reuters, Teaser image: The Royal Society
