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Twitter says it plans to close deal with Elon Musk

Added 10-04-22 05:04:02pm EST - “Twitter shares climbed on Tuesday after billionaire Tesla CEO Elon Musk offered to buy the social media giant at his original $54.20 per share offer.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Twitter says it plans to close deal with Elon Musk”. Below is an excerpt from the article.

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Earlier in the day, Musk revived his proposal to acquire the social media giant for his original offer of $54.20 per share.

The company originally accepted Musk's $44 billion offer in April. However, the billionaire notified Twitter in July that he was planning to terminate the deal after claiming the company breached its obligations by misrepresenting the number of spam and fake accounts on the platform. Twitter maintains that spam and fake accounts make up less than 5% of its total users.

In response, Twitter filed a lawsuit against Musk, accusing him of refusing to honor his obligations under the agreement because "the deal he signed no longer serves his personal interests." Musk has since filed a countersuit, which was amended last month to include allegations from whistleblower and Twitter's former security chief, Peiter "Mudge" Zatko.

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