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Elon Musk relaunches bid to buy Twitter at price agreed in April

Three months after abandoning the takeover, the billionaire again offered to buy the social network. Twitter has declared its "intent to complete this transaction".


The beginning of the end of soap? Billionaire Elon Musk relaunched his plan to buy Twitter on Tuesday, October 4, at the price agreed in April, three months after he stopped buying the social network.

Twitter confirmed Tuesday that it had received a letter from Elon Musk, who wants to buy the social network for $ 54.20 per share, two weeks before the two sides' trial over this eventful acquisition. This new development had been announced a few hours earlier by the Bloomberg economic news agency.

The entrepreneur "intends to carry out the transaction provided for in the acquisition contract of April 25, 2022 in accordance with the terms provided for", wrote its lawyers in a letter addressed to the Californian group on Monday and delivered it to the US Securities and Exchange. commissioner on Tuesday. the second. The only condition in the letter: the end of the current case before the Superior Court of Delaware.

Censorship accusation

Elon Musk proposed in the spring that he acquire the platform for $54.20 per share and value it at $44 billion. The board had agreed very reluctantly at first, but the richest man in the world had done so unilaterally. In July he withdrew from this agreement. Twitter then filed a lawsuit to force him to honor his commitment, and it looked like he was well placed to win.

Elon Musk bombarded Twitter with criticism before and after signing the contract, accusing the platform of censoring users. He justified his resignation by saying that the proportion of spam and fake accounts on the platform is well over 5%, which the San Francisco-based company states. Faced with Twitter's lawsuit, the president of the Delaware circuit court set to hear the case granted the company a speedy trial, while Elon Musk wanted to wait until next year

and requested astronomical amounts of data. The test was scheduled to take place from October 17th to 21st, but will not take place if Twitter accepts this new offer.

Twitter title citation suspended

The Musk clan was favored when Peiter Zatko, former Twitter security chief who was sacked in January, accused the group of serious security breaches in late August, in a report filed with US authorities. However, during the preliminary hearings, the lawyers of the multibillionaire seemed to struggle to justify the allegations on the computerized accounts.

A Twitter lawyer cited two reports from data analytics firms hired by the businessman, Cyabra and CounterAction, which estimated the number of fake accounts at 11% and 5.3%, respectively. "None of these reports remotely support what Mr. Musk told Twitter and the world in his July 8 letter," attorney Brad Wilson said in a hearing.

Earlier today, trading in Twitter shares was suspended on the New York Stock Exchange "pending information" on the offer. The quotation was suspended for the first time for five minutes, the title had risen to +18% before being again stopped at +12.7%.

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