Elon Musk Says He Is Ready To Proceed On Acquiring Twitter

Category: Business News

 

Elon Musk has said he intends to proceed with his original $54.20 per share offer to acquire Twitter, the social media giant.

A letter filed with the U.S. Securities and Exchange Commission, SEC, showed Musk will follow through on the $44 billion acquisition pending the receipt of the deal’s debt financing.

Twitter had first accepted Musk’s offer in April this year.

The billionaire informed Twitter in July that he was planning to terminate the deal after alleging the company breached its obligations by misrepresenting the number of spam and fake accounts on the platform.

However, Twitter maintained that spam and fake accounts make up less than 5% of its users.