Elon Musk’s lawyer said the American billionaire and the world’s richest man plans to continue buying Twitter at the original price agreed in April. The Tesla CEO decided to reverse course with Twitter regarding the acquisition and proceed with the purchase at $54.20 per share.
According to Bloomberg News, Elon Musk’s decision to buy came after a major dispute with the social network over a $44 billion acquisition that went to court over a dispute over the number of fake accounts on the popular social network. website.
Elon Musk is due to appear in court on October 17 after Twitter decided to sue him over his desire to pull out of the deal.
Following the news, Twitter’s stock jumped about 15 percent before trading was halted at $47.93 on news of the acquisition.
Musk said Twitter had miscalculated the number of fake users on the site, which was the main reason he wanted out of the deal.
His lawyers also argued that Twitter misled investors about the company’s numbers and filings with the Securities and Exchange Commission.
For its part, Twitter said that Elon Musk’s claims are not true and are not based on a true understanding of how the company estimates the number of fake accounts on the site.
The company confirmed that Musk is “looking for an excuse” to exit the deal due to a decrease in the value of shares as a result of falling markets in general.