Tesla CEO and the world’s richest man, Elon Musk has offered to buy Twitter at the original price of $44 billion.
Microblog platform Twitter has confirmed that Elon Musk has offered to close his $44 billion deal to buy Twitter Inc. on the terms he originally agreed to.
This is coming two months after the world’s richest man had initially pulled out of the deal. He alleged some inconsistency in the number presented to him.
He alleged that the company lied about the number of bots and spam accounts on its platform.
Investors King learnt that Elon Musk’s deal to buy Twitter Inc. has been on a wild ride during the past six months.
On the 4th of April, Elon Musk disclosed a 9 percent stake in Twitter. Ten days after, he made a bid to buy Twitter at a share price of $54.20. He threaten to sell his stake in Twitter if the company rebuffed his offer.
On the 21st of April, Elon Musk disclosed that he had lined up a $46.5 billion package to finance his bid for Twitter.
In May, Musk tweeted that the deal was “temporarily on hold” because of concerns he had about fake accounts on the platform, prompting Twitter’s shares to fall 10 percent.
He further stated that he would not move on with the deal until Twitter was clearer about how many of its accounts were fake.
On the 8th of July, he officially aim to terminate the deal, alleging that Twitter did not provide significant information about the fake accounts.
In reaction to the termination, Twitter sued Elon Musk and tried to force him to honour the term of the agreement.
However, his recent decision to go ahead with the deal will be a big win for the social media platform.
Already Twitter’s share price has spiked by more than 20 percent after the news. A check by our correspondent shows that Twitter’s share price is trading above $50 as of the time of this report.