As it turns out, Elon Musk is still willing to finish his Twitter purchase at the agreed-upon cost of $44 billion, or $54.20 per stock. The social media firm only has to provide its process of sampling accounts and how they’re confirmed to be real.
Musk and Twitter are currently involved in what is forming to be a bitter legal battle. The Tesla CEO had offered to buy Twitter for $54.20 per share, an amount approved by the Board of Directors of Twitter. Musk would later take problem with the bot approximates of Twitter in the SEC filings of the firm, which he suspect to be higher.
The bot issues of the social media company would eventually cause Musk to announce that he was walking away from the agreement. In response, Twitter chose to charge Musk in an attempt to force the CEO of Tesla to execute the contract under its original terms. Both sides are led to a hearing in a Delaware court this October.
Throughout the weekend, Musk shared his thoughts regarding his ongoing legal battle against Twitter in a series of tweets. As per Musk, he is still open to continuing with the original terms of his Twitter purchase contract if Twitter provides the sampling process for the users of its bot and how accounts are confirmed to be real. But if SEC filings of Twitter are proven wrong, then the deal should not continue at its original terms.
“If Twitter simply provides their method of sampling 100 accounts and how they’re confirmed to be real, the deal should proceed on original terms. However, if it turns out that their SEC filings are materially false, then it should not,” Musk noted.
Twitter, for its side, has not issued an answer to musings of Musk. Though, this past Thursday, Twitter argued that the claim of Musk that he was tricked into signing a contract to purchase the firm was wrong.
“According to Musk, he – the billionaire founder of multiple companies, advised by Wall Street bankers and lawyers – was hoodwinked by Twitter into signing a $44 billion merger agreement. That story is as implausible and contrary to fact as it sounds,” Twitter wrote in a filing.
