Elon Musk To Complete Twitter Take-Over Deal

American tech billionaire, Elon Musk has revealed his intention to proceed with his $44 billion takeover of micro-blogging platform Twitter, Daily Independent reports.

Musk disclosed this in a letter sent to Twitter notifying the social media company that he intends to proceed to close the transaction for $54.20 per share that was agreed to in April.

According to a Securities and Exchange Commission (SEC) filing dated Monday, October 4, Musk would follow through on the $44 billion acquisition pending the deal’s debt financing receipt.

It could be recalled that Twitter had first accepted Musk’s offer in April this year.

The billionaire informed Twitter in July that he was planning to terminate the deal after alleging the company breached its obligations by misrepresenting the number of spam and fake accounts on the platform.

Twitter followed suit by suing Musk to complete the acquisition, accusing the billionaire of using bots as a ploy to walk away from the takeover.

However, Twitter maintained that spam and fake accounts make up less than 5% of its users.

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