Musk proposes to buy Twitter at the starting price – Economy

Twitter has confirmed that it has received the offer from Elon Musk and says it wants to close the transaction at the original price of the offer.

At the close of Wall Street, Twitter shares recorded + 22%, the largest gain since April 4, when Elon Musk made an offer to buy the company.

Twitter prepares to quit under a new boss, Elon Musk. In another reverse, the visionary and controversial American entrepreneur wrote to the company proposing to buy it for 54.20 dollars per share, the same price offered in April for a total of 44 billion dollars. According to CNBC TV, the agreement could be finalized next Friday or Monday. The parties had signed an agreement at the end of April, but in July the Tesla boss had turned around accusing Twitter of not having provided true data on spam and bots (fake accounts), the latter in his opinion higher than the 5% indicated by the platform. The company reacted by suing him in a Delaware court to force him to honor his commitment, arguing that the bot issue is a pretext to get out of an operation that Musk does not consider more profitable. The first few hearings were not very encouraging for the richest man in the world. Judge Kathaleen McCormick has authorized him to use the revelations of an internal ‘mole’, former Twitter security chief Pieter Zatko, according to whom the company has deceived the American authorities even on fake accounts, one of the reasons given by the tycoon. to skip the operation. But he saw his petition to postpone the trial rejected because “even a four-week delay would risk doing Twitter too much damage to justify.” In any case, Musk’s lawyers fear that, despite the ‘mole’, it would be difficult to prove the adverse material effects of his accusations, which are the prerequisite for exiting the contract. The next hearing is set for October 17, but a possible agreement would prevent Musk from an uncertain legal battle in one of the most contested acquisitions in recent history. According to some experts this is a sign of weakness. “It is a clear sign that Musk recognizes that his chances of winning against the board of directors in a Delaware court are very weak and that the $ 44 billion collection is inevitable in one way or another,” he noted. ‘analyst Dan Ives de Wedbush Securities. Twitter is thus heading towards a new season, without the “censorship” disputed by Musk and with the possibility of a return of Donald Trump, after he was banned for having instigated the assault on Congress.