Elon Musk claims that Twitter rejected his revised offer for the original amount.
According to Musk, the offer was made at a price of $54.20 per share, or around $44 billion overall. Elon Musk charged Twitter on Thursday of rejecting his revised offer to buy the social media company for the initial share price of $54.20.
The multi-billionaire businessman also requested that a trial that was set to start later this month be put on hold by the Delaware Chancery Court. Since Musk made a purchase bid for Twitter and later opted to back out because the firm reportedly did not give him the information he needed concerning bot accounts, the two parties have been engaged in legal disputes.
"Yes is not a valid response on Twitter. Surprisingly, they have insisted on moving through with this lawsuit, irresponsibly jeopardising the contract and jeopardising the interests of their investors "Attorneys for Musk stated in a recent court document.
"Twitter made Mr. Musk a billion dollar discount on the sale price. Because Twitter tried to attach certain self-serving restrictions to the agreement, Mr. Musk rejected it. Any claim to the contrary is a fabrication, "In a statement, Alex Spiro of Quinn Emanuel, represented Musk.
Twitter responded by stating that it disagrees with the move to halt the trial.
According to a source familiar with the situation who spoke to ABC News, the court postponed the trial shortly after Musk asked to have it cancelled on Thursday.According to the source, the trial's new start date has been changed from October 17 to October 28. Musk previously stated that he anticipates the agreement with Twitter to conclude on that day. As a result, Musk said in the complaint, "this case is now moot and there is no need for an accelerated trial to require Defendants to do what they are already doing."
Twitter said it intended to conclude the purchase by that day in a statement issued later on Thursday. The business stated, "We look forward to concluding the deal at $54.20 by Oct. 28."
Musk stated on Tuesday that he has submitted a proposal to Twitter that would close the acquisition at Musk's initial offer price of $54.20 per share — for a total cost of around $44 billion — after months of trying to do so, according to a source familiar with the plan who spoke to ABC News. In a statement released on Tuesday, Twitter stated that it planned to "complete the transaction at $54.20 per share."
The business stated, "We look forward to concluding the deal at $54.20 by Oct. 28." Musk first agreed to buy Twitter in April, but he later expressed worry about spam accounts on the site and said Twitter had not given him a reliable estimate of their number. Twitter refuted the assertion, stating that it had given Musk the information in line with the terms of the purchase agreement.
Regarding the bot worries, Musk stated in May that the acquisition was "temporarily on pause." At the time, Dan Ives, managing director of equities analysis at the investment company Wedbush, told ABC News that the complaint may be used as an excuse by Musk to renegotiate or cancel the acquisition in the midst of a market slump that had been particularly severe for tech companies.
Before deciding to abandon his acquisition of Twitter in July, Musk continued to threaten to walk away from the transaction if Twitter didn't reveal more details regarding the presence of bots. A few days later, Twitter sued Musk for attempting to break an acquisition contract.