Elon Musk sets to complete Twitter take-over deal

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Elon Musk

Elon Musk has made the decision to move forward with a takeover of Twitter that would cost $44 billion.

Elon Musk has indicated that he plans to move on with the acquisition of Twitter, the dominant social media platform, using the first offer price of $54.20 per share, Ejes Gist Newspaper reports.

In a letter that was sent to the United States Securities and Exchange Commission (SEC), Elon Musk said that he intends to proceed with the $44 billion acquisition, pending the receipt of the loan funding for the sale.

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Twitter issued a statement confirming that it had received the letter and reiterating its intention to complete the transaction at the same share price that Musk’s group had initially proposed.

In April of this year, Twitter had first agreed to take Musk up on his offer.

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After asserting that the firm breached its commitments by misrepresenting the number of spam and phoney accounts on the platform, the billionaire notified Twitter in July that he was preparing to terminate the arrangement after saying that the company misrepresented those numbers.

Twitter, on the other hand, has maintained that spam and false accounts make up less than 5% of its user base.

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Ejes Gist Newspaper gathered from a source familiar who spoke on the condition of anonymity to reveal sensitive subjects stated that “the company plans to accept the offer but is waiting for confirmation that the judge can oversee the process.”

According to the person’s statements, “Twitter leaders are still questioning whether the letter represents a legal manoeuvre because there is a great deal of distrust on both sides.

That is the latest NewsOnline Today on Twitter: Elon Musk sets to complete take-over deal

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