Billionaire Elon Musk is proposing to go ahead with his original offer of $44 billion to take Twitter Inc private, a securities filing showed on Tuesday
An agreement would put the world's richest person in charge of one of the most influential media platforms and end months of turbulent litigation that damaged Twitter's brand and fed Musk's reputation for erratic behavior.
The news comes ahead of a highly anticipated face-off between Musk and Twitter in Delaware's Court of Chancery on Oct. 17, in which the social media company was set to seek an order directing Musk to close the deal for $44 billion. Twitter received Musk's letter and intended to close the deal at the original $54.20 price, a spokesperson told Reuters.
Twitter's legal team on Sept. 27 said that documents obtained from two data scientists employed by Musk showed they estimated the number of fake accounts on the platform at 5.3% and 11%. If deposed, Musk faced days of questioning on whether he handed over all the evidence to Twitter that he should have and when he became aware of his own side's bot count data, said Eric Talley, a professor at Columbia Law School.Twitter employees, caught by surprise in the middle of meetings on Tuesday, expressed disbelief in tweets.
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