Elon Musk Is Going Ahead With Deal To Buy Twitter

After Elon Musk tried to back out of the deal with Twitter where he proposed to buy the microblogging site for $54.20 a share due to a row over spam accounts, the Tesla CEO has proposed to go ahead with the deal.

As originally reported by CNBC, Trading of shares was halted on Tuesday after the news broke that Elon was going ahead with deal. As a result, Twitter shares soared upwards by 15%.

In April, Elon Musk announced that he was Twitter’s largest shareholder with 9.2%. He then offered to purchase 38% of Twitter for a whopping $44 billion. However, after months of back and forth with the company, he tried to back out of the deal due to Twitter refusal to hand over information about the number of legitimate accounts that were on the platform.

This resulted in Twitter suing Musk in an attempt to force him to go through with the deal. The parties were supposed to battle it out in court in Delaware on October 17th.

However, Musk’s new decision brings a halt to the dispute and the Tesla CEO is supposedly to own the social media platform within days.

The Tesla billionaire’s surprising decision to go through with the takeover attempts signals the end of the months-long saga.

Last week, leaked texts depicted how Musk and Aggrawal had a fallout after the former offered suggestions to improve the website. After being ignored, Musk said that trying to improve the website was a ‘waste of time.’ Check of screenshots of the exchange below.