Elon Musk sent a letter to Twitter’s management proposing to resume the takeover process. Bloomberg reports, citing informed sources.
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According to them, the billionaire outlined initial terms — $54.20 per share. In April, the social network’s management approved the deal for a total of about $44 billion.
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Twitter shares surged on the news. At one point the stock traded at $50, but later pulled back to around $48.
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The news of the deal revival also pushed meme cryptocurrency Dogecoin (DOGE) higher. Over the last 24 hours the asset rose 7.6% (CoinGecko).
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In early April, Musk became the largest shareholder of Twitter after purchasing 9.2% of the shares for $2.89 billion.
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On April 14, he proposed to buy the social network for more than $43 billion. The entrepreneur explained this as an intention to create an \”inclusive arena for freedom of speech,\” not a money-making venture.
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Earlier on May 13, the head of Tesla announced the suspension of the Twitter acquisition after media reported inflated audience metrics for the platform. He also accused the social network’s algorithms of manipulating users.
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Twitter shareholders filed suit against Musk over the \”chaotic process\” of the takeover. The latter also made claims against the billionaire, demanding to fulfill the obligations and complete the purchase.
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On July 29, the businessman filed a countersuit. He stated that he was ready to close the deal on the original terms if Twitter reveals the method for sampling 100 accounts and the method for confirming their authenticity.
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In early August, Twitter’s lawyers summoned Binance’s division to court due to the financing allocated to it for Musk’s takeover of the social network. The subpoenas were also served on the billionaire’s financial advisers, investors and potential lenders.
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According to court documents, Sam Bankman-Fried was \”potentially interested\” in financing Musk’s purchase of Twitter.
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