In a surprise turn of events in the Twitter buyout saga, Tesla CEO Elon Musk has reportedly offered to proceed with his $44 billion purchase of the microblogging website.<\/p>\n
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Photograph: Hannibal Hanschke\/Reuters<\/span><\/p>\n Musk is proposing to continue with $54.20 per share to buy Twitter, Reuters news agency reported citing Bloomberg News.<\/p>\n After the news broke, Twitter’s share price increased to 12.7 per cent before trading was stopped for the second time.<\/p>\n \u00a0<\/p>\n On the contrary, Tesla’s shares dropped by about 3 per cent.<\/p>\n The Reuters report said the Tesla chief made the proposal in a letter to Twitter.<\/p>\n Musk has been locked in a bitter legal battle with Twitter since announcing in July this year that he was pulling the plug on his $44 billion purchase of the company following a complex, and months-long courtship.<\/p>\n Musk had cancelled the deal, claiming that he was misled by Twitter concerning the number of bot accounts on its platform.<\/p>\n These allegations were forthrightly rejected by the company.<\/p>\n The latest report on the Twitter buyout deal comes ahead of the Delaware Court hearing on October 17, where the two sides are expected to clash over the multi-billion dollar buyout deal.<\/p>\n “This is a clear sign that Musk recognized heading into Delaware Court that the chances of winning vs Twitter board was highly unlikely and this $44 billion deal was going to be completed one way or another,” Reuters quoted Wedbush analyst Dan Ives as saying.<\/p>\n Earlier, Twitter had sought an order directing Tesla CEO to complete deal at $54.20 per share.<\/p>\n Meanwhile, Musk had called for the dismissal of a shareholder lawsuit against him for cancelling his deal and subpoenaing the social media company’s former CEO.<\/p>\n<\/div>\n[ad_2]\n<\/p>\n News From This Website <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"