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Twitter says it accepts Musk's offer to buy social network for $44 billion

Twitter showed this Tuesday (4) that it is willing to close its deal with Tesla CEO Elon Musk to acquire the social network for US$ 44 billion , as they had previously agreed, which, in principle, would lead to the filing of the company’s lawsuit against Musk.

“The company’s intention is to close the transaction for US$ 54,20 per share,” Twitter wrote in reaction to a proposal by Musk that was sent hours earlier to the company and the US Securities and Exchange Commission (SEC,

Twitter and Musk had agreed to buy the company at that price, but the billionaire later backed out of the deal, arguing that he had found a material breach of several provisions of the commitment,

In recent weeks, Musk has also criticized Twitter for having indemnified former security chief Peiter Zatko without his consent. ment, which alleged that Twitter withheld from regulators relevant information about its deficiencies in cyber defense and the number of fake accounts.

In response to the attempted breach of the agreement, the social network sued the billionaire in an attempt to force him to honor his commitment, leading to a trial scheduled to begin in the middle of this month.

The SEC on Tuesday published a document filed by Musk stating that the tycoon “seeks to proceed with the closing of the transaction contemplated by the merger agreement on 25 April 2022, under the terms and conditions established.”

In the note, Musk also conditioned the closing of the deal to the closing of the legal process initiated by Twitter, as well as the suspension of all ongoing processes related to this matter.

After the news publicized, Twitter’s stock soared on the New York Stock Exchange, until the company’s trading was temporarily shut down. uspensa.

At the end of the trade, the shares of the online messaging platform had risen 22,28 %, at $50,02 per share, still four dollars below Musk’s offer price.

However, Musk’s letter does not offer a specific date for the consummation of the deal, which already has the approval of Twitter’s shareholders.

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