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    Elon Musk Proposes Twitter Deal At Original Price $44 billion

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    Elon Musk wants to revive the purchase of Twitter, amid a lawsuit with the social network for canceling the acquisition agreement in July.

    According to a filing with the US Securities and Exchange Commission on October 3, Elon Musk sent a letter to Twitter, offering to resume the deal to buy this social network with an initial bid of $54.2 per share. bonds, equivalent to $44 billion. Twitter said it has received the letter and intends to make the sale at the agreed price. Immediately following the news, Twitter shares rose 22% to $52 per share at the close of trading on October 4 in New York.

    Musk’s offer comes as a lawsuit between the billionaire and Twitter prepares for trial. Before that, Musk tried to end the deal to buy Twitter worth $ 44 billion in April by accusing the social network of not providing accurate figures on the number of fake, fake accounts. Musk officially canceled the deal in July. Twitter sued the billionaire in Delaware Chancery Court, asking to continue implementing the agreement. A trial is scheduled to begin on October 17.

    Elon Musk “turns around” again wants to buy Twitter for $ 44 billion. Elon Musk wants to revive the purchase of Twitter, amid a lawsuit with the social network for canceling the acquisition agreement in July.

    According to a filing with the US Securities and Exchange Commission on October 3, Elon Musk sent a letter to Twitter, offering to resume the deal to buy this social network with an initial bid of $54.2 per share. bonds, equivalent to $44 billion. Twitter said it has received the letter and intends to make the sale at the agreed price. Immediately following the news, Twitter shares rose 22% to $52 per share at the close of trading on October 4 in New York.

    Musk’s offer comes as a lawsuit between the billionaire and Twitter prepares for trial. Before that, Musk tried to end the deal to buy Twitter worth $ 44 billion in April by accusing the social network of not providing accurate figures on the number of fake, fake accounts. Musk officially canceled the deal in July. Twitter sued the billionaire in Delaware Chancery Court, asking to continue implementing the agreement. A trial is scheduled to begin on October 17.

    The judge in Delaware on October 4 asked the two sides to gather to propose how to proceed with the trial. Options include asking Twitter to seek dismissal of the case or let the judge continue to retain jurisdiction until the settlement is closed.

    For Twitter, continuing the Musk deal opens up a new future for the social network, under a highly influential billionaire who spent months openly criticizing management and pondering over pricing. manage this company. And Musk will avoid legal trouble when Twitter accuses him of unreasonably canceling a $44 billion deal.

    According to a source, inside Twitter on October 4, many employees were listening to presentations about the 2023 plan when the news of the resumption of the deal spread. The presenters don’t acknowledge the news employees see on social media. Many Twitter employees have opposed working for Musk, who has been mocked and publicly criticized on Twitter’s internal Slack channel since the deal was signed.

    In an internal memo sent to Twitter employees on October 4, General Counsel Sean Edgett thanked employees for their patience as the company worked through legal issues. “I will continue to keep everyone updated with the most important news.” Trading in Twitter shares was halted after the news broke and was only reopened when the social network confirmed it had received Musk’s letter.

    Twitter shareholders on September 13 voted to accept Musk’s offer to buy back. The company said at the time, 98.6% of the votes cast supported the deal. Musk, Twitter’s largest shareholder, did not vote, according to two sources close to Musk. Musk owned nearly 10% of Twitter – or more than 73 million shares – when he agreed to buy the social network. Musk is expected to answer questions about the settlement in Austin, Texas, on October 6 and 7, according to court documents filed October 4.

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