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- Elon musk offered $43 billion to purchase Twitter.
- Musk’s lawyer told that Musk was ready to close the deal at the original price of $54.20 but didn’t accept “all kinds of things” demanded by Twitter.
- Twitter took legal action against Elon musk for using “bots” as a tool to exit the deal.
On April 14, 2022, World’s richest man Elon Musk offered to purchase the American Communication company Twitter for $43 Billion. Still, the journey has been full of controversies following Elon Musk’s and Twitter’s disagreements. Now, according to the recent situation and reports around Elon Musk, the Twitter deal doesn’t seem to work out.
The people who saw the deal closely said that both sides were discussing the prices about $4 below the $54.20 per share record, but in the last, it didn’t work out because of the difference in opinions on the additional terms.
According to the report in The New York Times and The Wall Street Journal deal constituted pretty near to 8% discount for Elon Musk and saved $3.3 billion compared to his original offer, which was a $44 billion offer.
Elon Musk’s lawyer Alex Spiro told the insiders that Elon Musk was almost ready to finish the deal at the original price share, $54.20, and on the original terms. Still, at the same time, he didn’t accept the “all kind of things” that twitters executive members and board members were demanding be included in a renegotiated deal.
Musk attorney Alex Spiro told Insider that Musk ultimately decided to do the deal at the original $54.20 a share price and on the original terms, because he refused to accept “all kinds of things” Twitter’s executives and its board were demanding be included in a renegotiated deal.
Elon musk’s lawyer didn’t open up about the situation that took place and what was Twitter’s exact demands; however, the whole scenario, which was happening throughout the months, Elon Musk put allegations on Twitter, saying that Twitter was misleading when it was asked about how many “bots” or inauthentic accounts are present on its platform.
On the other side, it seems like Twitter did not like Musk’s slippery language, as well as Twitter also took legal action against Elon Musk for using the “bots” as a tool to escape from the deal.
“Plot twist”! Elon Musk twitted
At the same time, On October 3, Elon Musk formally re-offered the company to carry out the deal on the original prices in the lineup to avoid the argument and clash in Delaware Chancery Court on October 17. Soon after the offer, investors thought this would put a full stop to all the clashes, and suddenly Twitter stock increased. But right after that, Twitter called off Elon Musk by saying, “an invitation for further mischief.”
It is being said that there are still chances that Musk is trying to play smart to exit the deal. Twitter is still trying to figure out what exactly Elon Musk thought process was behind the sudden offer.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
