Tesla CEO Elon Musk is reportedly reviving his original Twitter buyout offer, proposing to acquire the company for $54.20 USD (about $73.26 CAD) per share, in a deal valued at $44 billion USD (roughly $59.5 billion CAD), as reported by Bloomberg.
According to unnamed sources familiar with the matter, Musk reportedly made the proposal in a letter to Twitter.
A brief timeline of how we got here
Musk had initially backed out of the Twitter deal quoting concerns over the platform’s bot count. During the time, Musk’s legal representatives sent a letter to the SEC, saying that “For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform…Twitter has failed or refused to provide this information.” According to Twitter, roughly five percent of its active users are bots, whereas Musk argues that the actual number is much higher.
Quoting said concerns, Musk wanted out of the Twitter deal. Subsequently, Twitter sued Musk, alleging his spam bot complaint was manufactured to get out of the deal. Fast forward to now and the Twitter vs. Elon Musk trial is set to begin on October 17th and will conclude on the 21st in Delaware’s Court of Chancery. That is, if the news about Musk agreeing to buy out Twitter for $44 billion USD (roughly $59.5 billion CAD) turns out to be false.
Twitter’s stock jumped roughly 16 percent since the news of Musk agreeing to acquire Twitter came out earlier today.