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Elon Musk said to go ahead with $54.20 per share Twitter deal: Report Twitter Deal

Elon Musk said to go ahead with $54.20 per share Twitter deal: Report

India Blooms News Service | @indiablooms | 04 Oct 2022, 11:46 pm

Elon Musk is likely to propose a go-ahead with his takeover of Twitter Inc at $54.20 per share, Bloomberg reported.

Reuters reported that Twitter and Musk's lawyers were not immediately available for comment.

Musk and Twitter had filed lawsuits against each other and the proceedings were set to start this month.

Twitter filed the suit seeking an order directing Musk to close the deal at $54.20 per share while the latter approached the court to scrap the deal.

Elon Musk filed a countersuit along with a legal defence in July last week against Twitter's claim that he is contractually bound to complete the takeover deal.

In the countersuit, the Tesla chief has accused Twitter of fraud and alleged that the social media platform has misled him about key aspects of its business before he agreed to a $44 billion deal amid a court battle.

Musk argued in the filing to a Delaware court that the number of users who can be shown advertising on the platform is far below the firm's figures.

"Twitter's disclosures have slowly unraveled, with Twitter frantically closing the gates on information in a desperate bid to prevent the Musk Parties from uncovering its fraud," the claim alleged.

In its own filing, Twitter rejected the billionaire's argument, calling it "as implausible and contrary to fact as it sounds."

"According to Musk, he -- the billionaire founder of multiple companies, advised by Wall Street bankers and lawyers -- was hoodwinked by Twitter into signing a $44 billion merger agreement," Twitter said.