Elon Musk Makes U-Turn Again, Offers To Buy Twitter Afresh At Original Price

Elon Musk has made another U-turn as he has now offered to buy Twitter afresh at the originally agreed price.

Musk’s new U-turn is further away from his earlier backtracking in buying the social media company.

The new decision to buy Twitter again at the agreed price of $54.20 per share.

According to U.S media, Musk made the suggestion in a letter to Twitter.

ALSO READ: Elon Musk Accuses Twitter Of Fraud In Countersuit Over $44B Deal

This is coming just before the October 17 trial set by the U.S court where Twitter sued Musk for refusing to complete his deal of buying the company.

All Twitter has always wanted is that Elon Musk buy Twitter.

Meanwhile, as news about Musk making fresh offer to buy the company, Twitter stock rose as much as 18% on the news.

Recall that earlier this year, just a few weeks after Musk had agreed to the acquisition that valued Twitter at $44 billion, he suddenly made a U-turn and said he wasn’t going to buy Twitter again.

His reasons?

One of the reasons Musk said he was breaking the agreement was because Twitter was overstating the amount of “bots” using its service.

Musk and his attorneys claimed that the social media company was deceiving investors by including fictitious figures in its Securities and Exchange Commission corporate filings.

However, Twitter sued Musk to compel him to complete the acquisition.

On October 17, the Delaware Chancery Court was to hold the trial between the two parties.

Twitter argued saying Musk’s claims of fraud were false and based on an erroneous understanding of how the firm counts bots and phony accounts on its network.

When the company’s shares fell alongside a broader decline in the market as a whole, Twitter claimed that Musk was seeking for an excuse to pull out of the agreement.

It’s likely that all legal proceedings would come to a conclusion if the deal is completed and Musk acquires Twitter.

As the news of Musk’s proposal spread, Tesla shares fell by roughly $9per share, but they are still up by more than 2% on the day.