As it turns out, Elon Musk is still poised to complete his Twitter buyout at the agreed price of $44 billion, or $54.20 per share. All the social media company has to do is provide their method of sampling accounts and authenticating them.
Musk and Twitter are currently engaged in a bitter legal battle. Tesla’s CEO had offered to buy Twitter for $54.20 per share, an amount approved by the social media company’s board of directors. Musk would later question Twitter’s bot estimates in the company’s SEC filings, which he believes are suspicious.
Twitter’s bot problems would eventually lead to Musk announcing that he was backing out of the deal. In response, Twitter decided to sue Musk to force the Tesla CEO to complete the deal on its original terms. Both sides will be heard in a Delaware court next October.
Musk shared his thoughts on his ongoing legal battle against Twitter in a series of tweets over the weekend. Musk says he’s still open to going ahead with the original terms of his Twitter buyout deal with the company provides the sampling method for its bot users and how accounts are verified as genuine. But if Twitter’s SEC filings are proven false, the deal should not go ahead on its original terms.
“If Twitter simply provides their method of testing 100 accounts and confirming they are genuine, the deal should go ahead on the original terms. However, if their SEC filings are found to be materially incorrect, then they should not be,” Musk wrote.
Twitter, for its part, has not responded to Musk’s considerations. However, last Thursday, Twitter argued that Musk’s claim that he was tricked into signing a deal to buy the company was wrong.
According to Musk, he — the billionaire founder of several companies, advised by Wall Street bankers and lawyers — was tricked by Twitter into signing a $44 billion merger deal. This story is as incredible and contrary to fact as it sounds,” Twitter stated in a filing.
Elon Musk is ready to complete the Twitter buyout on the original terms – with one condition
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