Musk offers to buy Twitter at the original price if Twitter drops court actions

Elon Musk has offered to purchase Twitter at the originally offered share price of US$54.20 if Twitter drops court actions, according to a filing by Musk to the Securities and Exchange Commission on Oct. 3.

Musk had offered to purchase Twitter for US$44 billion in April 2022, but then tried to back out of the deal on July 8 when he demanded Twitter to prove that fewer than 10 per cent of Twitter accounts are controlled by bots.

Twitter filed a lawsuit against Musk just days after, accusing him of disparaging the company and dropping its share price. Its full court filing was not made publicly available. Musk countersued Twitter in the same month.

The two companies were scheduled to meet in court on Oct. 17.

Trading of Twitter’s stock was halted twice on Tuesday following the initial report by Bloomberg.

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Jim Love, Chief Content Officer, IT World Canada

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Tom Li
Tom Li
Telecommunication and consumer hardware are Tom's main beats at IT Business. He loves to talk about Canada's network infrastructure, semiconductor products, and of course, anything hot and new in the consumer technology space. You'll also occasionally see his name appended to articles on cloud, security, and SaaS-related news. If you're ever up for a lengthy discussion about the nuances of each of the above sectors or have an upcoming product that people will love, feel free to drop him a line at [email protected]

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