American Billionaire Businessman Elon Musk

Elon Musk plans to acquire Twitter at $54.20 per share

*American billionaire businessman Elon Musk’s proposal potentially will enable to avoid a courtroom fight over one of the most contentious acquisitions in recent history, say sources

Gbenga Kayode | ConsumerConnect

American billionaire businessman Elon Musk is proposing to activate his Twitter acquisition deal for the original offer price of $54.20 a share.

ConsumerConnect learnt that the move would enable Musk to potentially avoid a courtroom fight over one of the most contentious acquisitions in recent history.

In regard to the proposal, shares in Twitter climbed as much as 18 percent on the news before trading was halted Tuesday, October 4, 2022.

Representatives for Musk and for San Francisco-based Twitter didn’t immediately respond to requests for comment on the billionaire businessman’s move, Bloomberg report said.

Musk’s proposal to match the original deal terms means Twitter is facing a future under the leadership of Musk, who has spent months publicly criticising its management and questioning its value.

It also means that his claims — about how many of Twitter’s users are bots, for instance — are not likely to be scrutinised in a courtroom, report stated.

It is recalled that Musk reportedly, had been trying for months to back out of his contract to acquire Twitter, which was signed April 2022.

He began showing signs of buyer’s remorse shortly after the deal was announced.

Musk has alleged that Twitter, a microblogging site and social media platform, had misled him about the size of its user base and the prevalence of automated accounts known as bots.

The businessman formally, quit the accord in July, and Twitter subsequently, sued him in Delaware Chancery Court to force him to go forward with the purchase.

A trial is scheduled to commence October 17.

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