Elon Musk agrees to lock Twitter deal for $44 Billion

Elon Musk has proposed that the $44 billion deal to buy Twitter be completed at the original agreed-upon terms, ending his three-month court trial with the social network.

According to Twitter, Musk made the proposal in a letter to Twitter, offering to finalise the purchase for $54.20 per share. This happened only two weeks before a trial in Delaware Chancery Court was set to begin on Oct. 17 to hear the case Twitter filed to force Musk to honour the initial offer price.

Musk and Twitter were prepared to go to court over the arrangement, with the Tesla and SpaceX CEO arguing that Twitter deceived him about the amount of bots on the social network. Musk said, without offering evidence, that up to 20% of Twitter’s user base was made up of “fake/spam accounts.” Twitter has long claimed that bots account for fewer than 5% of its “monetizable daily active users” – a subset of its user base used as a statistic for advertisers. However, it appears that Musk will no longer pursue the matter.

PREVIOUSLY: Twitter shares rose 13% on Tuesday, as investors gained confidence that Elon Musk will proceed with his tortuous takeover of the social media network

Musk, a Twitter power user known for tweeting memes and jokes, was initially excited about the thought of controlling his favourite social network. He has advocated ideas such as requiring all users to authenticate themselves and charging companies to use the social network. According to Twitter’s attorneys, Musk developed cold feet as his own net worth declined along with Tesla’s stock price.

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