Todd Spangler NY Digital Editor Trading in shares of Twitter was halted Tuesday following a report that Elon Musk has proposed to complete the $44 billion deal to buy the social network at the original agreed-on terms.
Musk made the proposal in a letter to Twitter, offering to close the deal at the $54.20 per share price, Bloomberg reported, citing anonymous sources.
There’s been no official comment from Musk or Twitter yet. If Musk has in fact come back to his original buyout price, it indicates that he has concluded that he would likely lose his legal fight with Twitter in trying to back out of the deal.
Twitter has sued Musk, the world’s richest individual, seeking to hold him to the terms of the binding agreement in April. Since early July, the CEO of Tesla and SpaceX has been trying to extricate himself from the deal, citing among other objections his allegation that Twitter has been unable to prove its claim that less than 5% of active users represent bots or spam accounts.
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