Elon Musk's on-again off-again Twitter deal is back on

Tesla CEO Elon Musk has reportedly renewed his $44 billion offer for Twitter, with news of the potential purchase sending shockwaves across Wall Street.

Musk and Twitter has a strained relationship, ever since the Tesla chief offered to buy the company then withdrew over supposed bot issues. In the latest salvo of the affair, Elon seemingly once again wants to take control of Twitter.

Sources of Bloomberg with knowledge of the offer, claim that Musk has renewed his offer to buy Twitter. Details of the new attempt have yet to surface, but the proposal letter from Musk has been independently confirmed by CNBC.

Following the publication of the report, shares in Twitter surged by 15%, with the stock later halted.

In April, Musk offered to purchase Twitter outright for $44 billion, at a price of $54.20 per share. However, one month later, Musk put the purchase on hold over a disagreement about spam accounts, demanding proof on claims by Twitter that fewer than 5% of users on the service were fake.

After threatening to walk away from the deal after assurances from Twitter CEO Parag Agrawl, Musk started the process to exit the deal in July. That same month, Twitter sued Musk in an attempt to force the billionaire into buying the platform at the agreed price.

The two sides were heading towards a courtroom battle on October 17 over the affair.

17 Comments

hmlongco 572 comments · 9 Years

About 2 years ago

Well... ****.

DAalseth 3016 comments · 6 Years

A couple of possibilities:
This is a false rumours that either came out of wishful thinking by some analyst, possibly to pump the stock.
This is real, but Musk is offering well below his original price and hoping Twitter will bite on this trial balloon.
This is real because Musk has realized he’s going to lose in court, and just wants to get it over with.

docbburk 109 comments · 7 Years

I find it hard to believe that less than 5% of twitters users are fake. This seems like they carefully worded a statement to only cover a small subset of fake accounts.

docbburk said:

I find it hard to believe that less than 5% of twitters users are fake. This seems like they carefully worded a statement to only cover a small subset of fake accounts.

Agreed. I think most media sites have over that, Reddit, Tumblr, FB, etc.
Heck, I suspect at least 5% of the accounts HERE on AI are fake.

ronn 682 comments · 20 Years

I wouldn't trust him even if his tongue was notarized. I'd continue with the court case unless he tells the judge that he will complete the transaction.

https://twitter.com/TwitterIR/status/1577380758192197632

Twitter issued this statement about today's news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.