Elon Musk can complete the Twitter purchase under original terms – in one condition
As it turns out, Elon Musk is still willing to complete his Twitter purchase at the agreed price of $44 billion, or $54.20 per share. The social media company only needs to provide its method of testing accounts and how they are verified to be genuine.
Musk and Twitter are currently engaged in what appears to be a bitter legal battle. The Tesla boss had offered to buy Twitter for $54.20 per share, an amount that was approved by the social media board. Musk would later take issue with Twitter’s penalty estimates in the company’s SEC filing, which he finds suspect.
Twitter’s bot problems would eventually lead Musk to announce that he is walking away from the deal. In response, Twitter chose to sue Musk in an attempt to force the Tesla CEO to complete the deal under the original terms. Both sides are headed to a trial in a Delaware court this coming October.
Musk shared his thoughts on his ongoing legal battle against Twitter in a series of tweets over the weekend. According to Musk, he remains open to continuing with the original terms of the Twitter acquisition agreement if the company provides the sampling method for its bot users and how accounts are verified to be genuine. But if Twitter’s SEC filings are proven false, the deal should not continue on its original terms.
“If Twitter only provides their method of trying 100 accounts and how they are verified to be genuine, the deal should continue on original terms. But if it turns out their SEC filings are materially false, it shouldn’t be,” wrote Musk.
Twitter, for its part, has not given an answer to Musk’s musings. Last Thursday, however, Twitter argued that Musk’s claim that he was duped into signing an agreement to buy the company was false.
“According to Musk, he — the billionaire founder of several companies, advised by Wall Street bankers and lawyers — was tricked by Twitter into signing a $44 billion merger deal. That story is as implausible and counterfactual as it sounds,” noted Twitter in one file.
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