Elon Musk tried to buy Twitter for 30 off the

Elon Musk tried to buy Twitter for 30% off the April deal

It has long been assumed that Elon Musk’s dispute with Twitter over the number of bots in the daily monetized audience is aimed at negotiating the purchase of social media assets at a lower price than agreed in April. This week, the billionaire announced his willingness to buy Twitter shares at the previous price of $54.20 a share. Sources say an attempt was made to drop the price by as much as 30% a few weeks earlier.

    Image source: Getty Images

Image source: Getty Images

This publication reports The New York Times with reference to their own channels for obtaining information. At first, Elon Musk officials tried to negotiate with Twitter to lower the price from $44 billion to $31 billion, but by the end of September the requested discount was reduced from 30% to 10% and was already about $39.6 billion Dollar Twitter’s capitalization topped just under $39.2 billion at the end of yesterday’s trading, but in the end Elon Musk was forced to return to the $44 billion level from which he started in April.

As you know, this week Twitter received an offer from Musk officials to complete a deal on the terms agreed in April, but neither party has yet filed a petition with the court to halt preparations for the meeting, which is scheduled for April 17 October is planned . According to some reports, a new deal should be signed this week, but so far the parties are trying to settle some formalities. Among them, a clause is mentioned that exempts Elon Musk from the need to buy Twitter if it is impossible to collect the required amount. If the financing terms of the deal he’s been preparing for since April haven’t changed, Elon Musk will have to raise another roughly $3 billion to buy Twitter stock from other investors.

Twitter officials also insist on paying Elon Musk a penalty for the delay in preparing the deal caused by his refusal in July to finalize it on the original terms. The company’s lawyers also want guarantees from the court to oversee Elon Musk’s fulfillment of its obligations to the Twitter purchase.

Elon Musk was due to testify under oath in the Twitter case this week, but since he has announced his intention to buy the company, related hearings may not take place or may be postponed to a later date. Judge Kathaleen McCormick, who is presiding over the case, said there were no formal reasons for the cancellation of the Oct. 17 trial.


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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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