Billionaire Elon Musk is proposing to proceed with his original $44 billion bid to take Twitter Inc private, security filings showed on Tuesday, October 4, calling for an end to a lawsuit by the social media company that could have forced him to pay up, whether he wanted to or not.
The renewed offer comes ahead of a highly anticipated face-off between Musk and Twitter in Delaware’s Court of Chancery on October 17, in which the social media company was set to seek an order directing Musk to close the deal for $44 billion. “He was about to get deposed and a lot of uncomfortable facts were going to come out,” said Eric Talley, a professor at Columbia Law School.
Twitter’s legal team on Sept. 27 said that scientists employed by Musk estimated the number of fake accounts on the platform at 5.3% and 11%. Musk was relatively quiet on Twitter during the day, but late on Tuesday he tweeted that “Twitter probably accelerates X by 3 to 5 years”. Bloomberg was the first to report Musk was willing to pay the original price. Musk also said his offer was contingent on stopping the legal proceedings.
Source: Law Daily Report (lawdailyreport.net)
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