Elon Musk attempted to pull out of the high-profile transaction earlier this week, but on Tuesday he renewed his offer to pay $44 billion for the social networking site Twitter.
In a letter to Twitter that was delivered on Monday to the Securities and Exchange Commission, the Tesla entrepreneur offered the price.The cost is the same as the share's initial assessment of $54.20.
Elon Musk Offered to Buy Twitter Again
The letter, which was authored by his layers, stated that Elon Musk and his backers intend to proceed to the closure of the transaction contemplated by April 25, 2022, merger agreement, on the terms and subject to the conditions set out therein.
Without elaborating on how it would react, Twitter confirmed that it had received the letter from Elon Musk and said it expected to complete the transaction at the original price. Late on Tuesday, Musk broke his quiet over the agreement, writing on Twitter: Buying Twitter is an accelerant to inventing X the everything app. Purchasing Twitter he continued accelerates X by 3 to 5 years.
Twitter filed a lawsuit against Elon Musk in July for what it claimed was his wrongful attempt to revoke his offer. If successful, the suit may compel the businessman to buy the firm. Musk is slated to be deposed in Texas later this week if there is no resolution, and proceedings in the case are expected to start in the coming days.
Following news of Musk's latest offer for the company, Twitter's share price increased by 22% on Tuesday and closed trading at almost $52, as per Independent. Within a few weeks, if not days, Musk is anticipated to become the sole owner of the business. Musk intends to improve freedom of speech once he takes over Twitter. One of them is the inclusion of an edit button in tweets.
Additionally, he wants to eliminate bots and phony accounts that, in his opinion, taint the experience. In addition to declaring he wants an open-source algorithm that would reveal how the website chooses what content shows in users' feeds, Musk plans to do away with permanently banning individuals.
It is given the name Open Source Algorithm and aims to revive the town-square philosophy that served as the site's original inspiration. Additionally, Musk has said he'll offer the capability for longer tweets beyond the current 280-character limit, according to Daily Mail.
Musk's Twitter Posts May Teach Him a Lesson
Meanwhile, Elon Musk has received a threat from a member of the Chinese state-run media. Elon Musk proposed that Ukraine hand over Crimea to Russia and that the UN conduct its referendums in the four Ukrainian territories that Russia has tried to annex in a series of polls that were posted to Twitter on Monday.
Musk's tweets regarding the fight were taken on Tuesday by Hu Xijin, the former editor in chief of the Chinese Communist Party's official publication, the Global Times, who threatened that Musk would be taught a lesson.
Nearly 3 million people participated in the poll, and 59% of them seemed to disagree with Musk's ideas. The following day, Musk published a different poll asking if the people who reside in the Donbas and Crimea should decide whether they're part of Russia or Ukraine.
Hu Xijin, who currently serves as a commentator on the propaganda website, has previously threatened US citizens. Hu proposed in July that Nancy Pelosi should be imprisoned and punished for traveling to Taiwan, Fox News reported.
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