The back and forth came amid a sharp downturn in the value of technology stocks, including Tesla, the electric car company that Mr Musk leads and is the base of much of his fortune. Twitter denied the accusations, arguing that Mr Musk – the world’s richest person with a net worth of more than $220bn – wanted out because he was worried about the price. The agreement valued the social media platform at roughly $44bn.Īt the time the billionaire, known for his impulsive style, said he wanted to clean up spam accounts on the platform and preserve it as a venue for free speech.īut he balked at the purchase just a few weeks later, citing concerns that the number of fake accounts on the platform was higher than Twitter claimed. Mr Musk, a prolific Twitter user with more than 100 million followers, first offered to buy the firm for $54.20 per share in April. News that Mr Musk had proposed to honour the original agreement sent shares in the company soaring almost 13% before trading was halted. In the letter, attorneys for Mr Musk said he intended to move ahead to complete the transaction, pending receipt of the financing, and asked to end the legal fight.Ī spokesperson for Twitter said it had received the letter and planned to close the deal. Twitter, which had sued Mr Musk to force the takeover to move forward, was seen as having the better case.
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