The beginning of the end of the soap opera? Billionaire Elon Musk has relaunched his plan to buy Twitter on Tuesday, October 4, at the price agreed in April, three months after he initially gave up buying the social network.
Twitter confirmed on Tuesday that it had received a letter from Elon Musk, who is looking to buy the social network for $54.20 a share, two weeks before the trial between the two parties over the eventful acquisition. This new development had been uncovered a few hours earlier by the business information agency Bloomberg.
The service provider “intends to complete the transaction contemplated in the April 25, 2022 repurchase agreement”, their attorneys wrote in a letter addressed to the Californian company on Monday, according to the terms provided, and filed it with the US Securities and Exchange Commission on Tuesday. The only condition in the letter: the end of the ongoing court case in the Delaware Superior Court.
allegations of censorship
Earlier this year, Elon Musk offered to buy the platform for $54.20 per share and valued it at $44 billion. The board agreed, very reluctantly at first, but the richest man in the world unilaterally returned to that agreement in July. Twitter had subsequently filed lawsuits to force him to honor his commitment and all indications were that he was well positioned to win.
Elon Musk bombarded Twitter before and after signing the contract with criticism and, among other things, accused the platform of censoring users. He justified his waiver by saying that the proportion of spam and fake accounts on the platform is well over 5%, according to the San Francisco-based company.
Faced with Twitter’s lawsuit, the president of the Delaware Specialty Court on the case granted the company a summary trial, while Elon Musk wanted to wait until next year and demanded astronomical amounts of data. It should theoretically take place from October 17th to 21st, but will not take place if Twitter accepts this new offer.
Citation of the title Twitter suspended
The Musk clan was favored when Peiter Zatko, the ex-Twitter security chief who was fired in January, accused the group of serious security breaches in a report submitted to US authorities in late August. However, during the preliminary hearings with the judge, the multi-billionaire’s lawyers appeared to have difficulty backing up the allegations on the automated accounts.
A Twitter lawyer cited two reports from data analysis firms hired by the businessman, Cyabra and CounterAction, which put the fake account rate at 11% and 5.3%, respectively. “None of these reports remotely support what Mr. Musk said in his July 8th letter to Twitter and the world at large.”claimed attorney Brad Wilson during a hearing.
Earlier in the day, Twitter stock was suspended from trading on the New York Stock Exchange. “Waiting for Information” about this offer. The listing was suspended for the first time for five minutes, the title had risen to + 18% before being stopped again at + 12.7%.