According to Bloomberg, Musk sent a letter to Twitter reiterating the old offer.
The battle between Musk and Twitter is currently in court and the first hearing is scheduled for October 17.
The news of Musk’s contract resumption has yet to be officially confirmed.
New Delhi. Tesla CEO Elon Musk has reportedly sent a letter to Twitter reiterating his old offer to buy Twitter. Bloomberg has reported this with reference to unknown sources. According to the news, Elon Musk has offered $54.20 per share to buy the microblogging site. Importantly, this is the same offer that Musk made before he pulled out of the deal. Please note that there has been no official response from either party to the news of the re-offer.
Musk offered $44 billion to buy Twitter in April this year. The deal was also approved by regulators and the company’s shareholders. However, Musk pulled out of the deal again, saying that Twitter had not given him accurate information about the bots. He also alleged that the company did not provide him with adequate information about its customer base.
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Twitter shares stopped after the news.
Shares of Twitter rose as much as 18 percent after news of Musk’s submission of the offer became public. The company’s shares were subsequently suspended from trading on the New York Stock Exchange (NYSE). Whenever a stock fluctuates too rapidly, it is halted from trading on the NYSE.
Face to face in court on October 17.
After Musk backed out of the deal, Twitter sued him. The first hearing of the case will be held on October 17. The case will proceed in the Delaware court of the United States. After that, Musk also filed a counter-suit against Twitter. There were reports that Musk had also requested an extension of the date. However, the court denied such reports.
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Tags: Business News in Hindi., Elon Musk, Tesla, Twitter
First Publication: 04 October 2022, 22:43 IST