On the Foreign Scene, Elon Musk Says He is Willing To Proceed With His Plans To Takeover Twitter

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On the foreign scene

Billionaire Elon Musk in a surprise twist, is willing to proceed with his takeover of the social media platform.

In a letter to the firm, Mr Musk agreed to pay the price he offered months ago before trying to quit the deal.

The surprise reversal comes just weeks before the two sides were due in court.

Twitter, which had sued Mr Musk to force the takeover to move forward, was seen as having the better case.

In the letter, attorneys for Mr Musk said he intended to move ahead to complete the transaction, pending receipt of the financing, and asked to end the legal fight.

News that Mr Musk had proposed to honour the original deal sent shares in the company soaring almost 13% before trading was halted.

Mr Musk, a prolific Twitter user with more than 100 million followers, first offered to buy the firm for $54.20 per share in April. The agreement valued the social media platform at roughly $44bn.

At the time the billionaire, known for his impulsive style, said he wanted to clean up spam accounts on the platform and preserve it as a venue for free speech.

But he withdrew at the purchase just a few weeks later, citing concerns that the number of fake accounts on the platform was higher than Twitter claimed.

Twitter denied the accusations, arguing that Mr Musk – the world’s richest person with a net worth of more than $220bn – wanted out because he was worried about the price.

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