New York: Tesla CEO Elon Musk has decided to change course with Twitter regarding the takeover deal, moving forward with a purchase price of $54.20 per share.
According to Bloomberg News, Elon Musk’s decision to go ahead with the purchase comes after a heated dispute over the $44 billion acquisition of the social media company, which went to court over the number of fake accounts on the popular social networking site. place
Elon Musk is set to appear in court on October 17 after Twitter decided to sue him for wanting to back out of the deal.
Following the news, Twitter’s stock jumped nearly 15 percent, before news of the acquisition halted trading on the stock at $47.93.
Musk had said that Twitter miscalculated the number of fake users on the site, which was a major reason he pulled out of the deal.
His lawyers alleged that Twitter misled investors about the company’s numbers and filings with the Securities and Exchange Commission.
For its part, Twitter has said that Elon Musk’s allegations are not true, nor are they based on a true understanding of what the company estimates are the number of fake accounts on the site.
The company confirmed that Musk was “looking for a reason” to back out of the deal due to a decline in the value of the shares as a result of the market decline in general.
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