Elon Musk Proposes To Buy Twitter At His Original Offer Price Of $54.2 Per Share: Report

Elon Musk Twitter Deal: Billionaire Elon Musk is proposing to buy Twitter for his original offer price of $54.20 per share, Bloomberg reported Tuesday. This is equivalent to INR 4,410.86 per share.

After the news of Elon Musk proposing to buy Twitter at his original offer price came out, shares in the company climbed as much as 18 per cent.

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Elon Musk Twitter Deal: Billionaire Elon Musk is proposing to buy Twitter for his original offer price of $54.20 per share, Bloomberg reported Tuesday. This is equivalent to INR 4,410.86 per share.

On April 14, 2022, Musk offered to buy Twitter at $54.20 per share, valuing the company at about $34 billion.

⚡️ Elon Musk is proposing to buy Twitter for his original offer price of $54.20 a share https://t.co/eYzEDZJWcn

— Bloomberg (@business) October 4, 2022

According to people familiar with the matter, Musk made the proposal in a letter to Twitter, Bloomberg reported. After the news of Musk proposing to buy Twitter at his original offer price came out, shares in the company climbed as much as 18 per cent.

For months, Musk had been trying to opt out of his contract to acquire Twitter, which he had signed in April. Shortly after the deal was signed, he alleged that Twitter had misled him about the size of its user base and the prevalence of automated accounts known as bots.

Musk claimed that Twitter had lied about the number of bot accounts in the platform, and tried to cancel the deal. 

Twitter sought an order from the court directing Musk to close the deal at $54.2 per share, and hence, the two parties were set to enter the courtroom this month. The date has been set for October 17.

According to a report by The Verge, a string of text messages were released in court filings last week. 

The messages did not have any discussion of concerns about bots, but suggested that a conflict with Twitter CEO Parag Agrawal is what caused Musk to lose interest in the deal, the report said. Agarwal had asked Musk to stop tweeting negative things about Twitter.

Musk had hired some companies to analyse Twitter's bot numbers, one of which confirmed Twitter's numbers, while another suggested that 11 per cent of Twitter users were inauthentic.

At a pretrial hearing last week, the issue of auto-deletion of messages in the privacy -focused messaging app Signal, which Musk recommends people to use, was raised. The app allows users' messages to auto-delete. According to the report, Twitter has asked the judge in the case to condemn Musk for the lost messages.