Tesla CEO and venture capitalist Elon Musk generated a lot of buzz this year when he made multiple aggressive pitches to acquire Twitter after criticizing the company for censorship and a lack of transparency.
Musk continued to buy up more of Twitter’s stock, eventually buying nearly 10 percent of the company.
Board members tried to ward off a hostile takeover by offering him a seat as long as he did not purchase more than 14.9% of the company’s stock.
The drama culminated in a deal struck with members of Twitter’s board to acquire the company for $44 Billion.
Just weeks after agreeing to the deal, Musk backed out after alleging that Twitter artificially inflated its member base with a significant number of bots.
After a months-long legal battle, Musk has once again agreed to purchase Twitter for his original asking price.
The New York Times Reports–
Elon Musk, in a surprise move that adds another twist to a monthslong drama that has preoccupied Silicon Valley, Wall Street and Washington, proposed a deal with Twitter on Monday evening that could bring to an end an acrimonious legal fight between the billionaire and the social media company.
The arrangement would allow Mr. Musk to acquire Twitter at $54.20 per share, the price he agreed to pay for the company in April, two people familiar with the proposal who were not authorized to speak publicly said.
Twitter, which sued Mr. Musk in July to force him to go through with the deal after he said he wanted to back out, has yet to accept Mr. Musk’s new proposal. His advances could be seen as a negotiating tactic to halt Twitter’s litigation against him.
Twitter will likely insist on broader protections from a court in Delaware, where its suit was filed, to ensure that Mr. Musk follows through with his plan, legal experts said.