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Tesla and SpaceX owner Elon Musk has reportedly proposed to move forward with his initial all-cash offer to buy Twitter at $54.20 per share, ending a legal feud that has raised eyebrows and questioned the integrity of the social network.
According to a Bloomberg report, sources familiar with the issue claim that Musk proposed in a letter to Twitter to proceed with the offer.
The deal between Musk and Twitter began in what appeared to be an innocent transaction by both parties, but the process got messy along the way because Musk did not trust Twitter’s statistics on the percentage of bots on the platform, and the matter ended up in the courts.
Initially, the engineer behind Tesla acquired enough shares in the company to become a majority partner, hoping to accumulate enough influence to intervene in different aspects of the company, such as its moderation policies that have ended up censoring conservative voices on the social network. Shortly after that, Musk proposed to take over the entire company.
For months, Elon Musk was embroiled in a legal entanglement with the giant social media platform after accusing the company of trying to mislead him about the number of bots and fake accounts on the platform.
After Musk’s final offer, Twitter’s stock is up 18%.
Tomás Lugo, journalist and writer. Born in Venezuela and graduated in Social Communication. Has written for international media outlets. Currently living in Colombia // Tomás Lugo, periodista y articulista. Nacido en Venezuela y graduado en Comunicación Social. Ha escrito para medios internacionales. Actualmente reside en Colombia.