According to reports, after doing everything he could to back out of his bid to buy the company, Musk decided to go ahead with his initial offer of $54.20 per share.
According to the report, Musk proposed this in a letter to the micro-messaging service. According to Musk and his team, the misrepresentation of the percentage of bots on the platform was in violation of their agreement with the company. After months of back-and-forth, Musk hasn't been able to prove that he was the victim of misinformation.
According to Musk, 20% of daily active users may be fake. The data scientists that Musk hired did not find this to be true according to the lawyers for the company. CounterAction said that 5.3% of users are bots, while Cyabra said that up to 9% of users are fake.
Since Musk proposed to follow through on the deal, his shares increased by 16%, reaching about $48 per share. When Musk made his acquisition offer in April, the stock traded at a high of over fifty dollars, but then dropped to about thirty dollars when he said he wouldn't do it.
The site asked the micro-blogging site for a response.
The story is developing.
Twitter sues Elon Musk to force him to seal the deal
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