Billionaire Elon Musk has decided to buy Twitter.
He sent the company a letter announcing his intention to acquire the microblogging network for an initial price of $44 billion. That’s $54.2 per share.
In April, Twitter executives announced that they had reached an agreement with Musk to acquire the social network. In May, the businessman announced that he would temporarily withdraw from the contract until he received information about the share of bots and spam accounts.
Social networks estimated this percentage at 5%, and Musk was talking about 20-25%. Musk withdrew his contract in July.
Eventually, Twitter sued
As a result, Twitter sued the businessman to force him to buy the social network. Musk has filed a counterclaim, but the details are unclear. It is said to be only 164 pages long. And in September, Twitter shareholders approved the sale of the company to Musk for $44 billion.
Former security officer at Twitter
Besides that, there were other reasons. In late summer, Musk’s lawyer, citing a statement from Peter Zatko, a former security officer at Twitter, accused the social network of not properly protecting user data. And in September, Musk tried to back out of the deal, claiming World War III could start.
Elon Musk previously said he was ready to return to trading on the same terms.