Businessman Elon Musk has made a new proposal to buy Twitter. The businessman sent a letter confirming an offer in a deal valued at $44 billion.
“We received the letter from Musk’s parties that they filed with the SEC,” the company said today. “The company’s intention is to close the transaction at US$ 54.20 (about R$ 268) per share.”, confirmed the social network.
Twitter shares jumped more than 10% in the early afternoon (Brasilia time).
Musk was facing a legal battle over his withdrawal in July from proceeding with the purchase of the social network. The billionaire claimed that Twitter had not specified how many of its users were fake. He wanted proof that less than 5% of the profiles met these conditions, as argued by Twitter. Musk believed that the percentage of fakes was 10%.
Twitter sued Musk on the grounds that the cancellation of the deal was “invalid and unlawful”. The destination of the purchase and sale was scheduled to be defined in court from October 17th. In early September, Twitter shareholders approved the definitive sale of the company to Musk.
The drop in the deal, according to Musk, also occurred because Twitter laid off top executives and a third of its talent acquisition team. With that, the company would have violated a clause of the agreement on the obligation to “preserve substantially intact the material components of its current organization”.
At the end of August, Elon Musk received new weapons for the legal dispute with Twitter. Peiter Zatko, former head of security for the social network, said the company lied to the entrepreneur about the social network’s ability to detect fake profiles – the so-called bots (robots).
According to him, Twitter does not even have the necessary tools to assess the impact of these fakes. That is, one more concrete reason for Musk to convince the justice that he cannot fulfill the purchase agreement.