Elon Musk reportedly tried to lower his offer to buy Twitter by 30%


Elon Musk tried to negotiate a 30% discount on his $44 billion deal to buy Twitter before finally agreeing to go through with the purchase, according to a report.

The Tesla CEO spent months trying to get out of the deal for the social media platform, before renewing his bid for the social media platform earlier this week.

Mr Musk had claimed the company had not been open with him about the number of bots and spam accounts on Twitter.

But with a two-day pending deposition ahead of a trial in Delaware starting Oct. 17, the billionaire sent a letter to Twitter’s board announcing he intended to close the deal.

But in the weeks leading up to it, Mr. Musk tried to convince Twitter to accept a proposal that would have valued the company at around $31 billion, three people with knowledge of the events said. The New York Times.

Twitter rejected the proposal, the sources told the newspaper, but talks focused on a roughly 10% discount that would have seen Mr Musk pay $39.6 billion.

Mr Musk agreed to buy the company for $54.20 a share in April, but by July he had indicated he had changed his mind, citing spam issues.

Twitter then sued him to force the deal through.

In his letter to Twitter on Monday, Mr Musk agreed to pay the full price, but said it was dependent on securing the funding to pay it.

If he can’t get that from the banks, he’ll have to pay the company a $1 billion break fee.

“The Company’s intention is to complete the transaction at $54.20 per share,” Twitter said in a statement after receiving the letter.

Mr Musk and Twitter have reportedly been in talks since then to complete the deal, but a judge in their lawsuit said neither side had asked for the case to be halted and was still willing to go forward.


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