Kochi: Elon Musk has finally decided to proceed with his plan to buy Twitter which had sued him for backing out of the deal to acquire the social media platform. Musk has agreed to pay the remuneration for acquiring Twitter just before the matter was to be heard in court. In a letter to the promoters, Musk said that he intended to complete the transaction at a rate of 54.20 dollars per share agreed earlier before he walked out of the deal forcing Twitter to move the court.
Musk tweeted that “Buying Twitter is an accelerant to creating X, the everything app.”
He called off the 44 bn deal alleging that the fake accounts on Twitter were much more than the numbers claimed by the Twitter while its promotors alleged that the world’s richest man was worried about the price. The world’s richest man with 220 bn dollar net worth, Musk is a prolific Twitter user. Musk could have paid a 1 bn dollar as the break-up fee to break the deal. Twitter, the social networking service, was launched on March 21, 2016, by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams. Twitter, led by Parag Agarwal as the CEO, suffered a major hack on July 15, 2020 affecting 130 high-profile accounts of people like former US President Barack Obama, Bill Gates, and Elon Musk.