No AD

Elon Musk reinitiates deal to purchase Twitter for $44 billion

October 5th 2022, 2:22:31 pm

SpaceX owner and billionaire, Elon Musk and Twitter may be heading to the negotiation table over the acquisition of the social media company as Musk has again, shown interest in the $44 billion deal.

Elon Musk reinitiates deal to purchase Twitter for $44 billion

After what seemed like troubling litigation between Twitter and Musk, his lawyers have recently sent a letter to the Securities and Exchange Commission, SEC acknowledging an intent to move forward with the purchase via the original purchase sum of $44 billion.

As of April 2022, a filing from SEC had revealed Musk owned 73,486,938 shares of Twitter, which represents a 9.2% passive stake in the company. This made him the largest outside shareholder in the social media stock.

No ad

He had further made a move to purchase the app as former Twitter boss, Jack Dorsey announced plans to step down as CEO of the social media company.

In a dramatic turn, Musk had reneged on his promise and terminated the $44 billion deal.

Giving reasons for his sudden turnaround, Musk accused the app of using Twitter bots claiming also, that the company didn’t give him the information he needed to evaluate the deal.

Twitter had gone ahead to file a lawsuit against Musk in July for refusing to honor his obligations to Twitter and its stockholders. Musk also had escalated the issue by countersuing Twitter though details of the suit were kept confidential.

After some months of litigation, Musk had suddenly through his lawyers, sent a letter to the SEC agreeing to go ahead with the deal. Although Twitter has acknowledged Musk's second attempt at buying the app, both sides have failed to reveal if they will drop the case filed against both entities.

Solomon Ekanem
Solomon is a digital content editor and a Business/Tech contributor for Pulse.

JOIN OUR PULSE COMMUNITY!


Our newsletter gives you access to a curated selection of the most important stories daily.
Oops! An error Occured
No AD

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng