Elon Musk’s deal to buy Twitter.com is back on. The billionaire Tesla CEO has agreed to purchase the social media network for the original price of $54.20 a share.
Musk made headlines earlier this year when he proposed a $44 billion deal to buy Twitter.
But he withdrew his offer over Twitter’s refusal to reveal the actual number of spam-bots on the platform.
Twitter sued Musk for backing out of the deal. In response to the lawsuit, Musk claimed that based on his analysis, “false or spam accounts” made up 33% of fake accounts on the platform. Twitter has insisted that spam-bots represent less than 5% of its daily active users.
Musk said misrepresenting the number of spam-bots on Twitter’s platform was his reason for backing out of the deal.
But Twitter’s legal team alleged that Musk was just looking for an excuse to withdraw his offer.
According to CNBC, Musk could own Twitter “within a matter of days” and the lawsuit will be dropped.
Twitter’s stock surged 15% on Tuesday after Bloomberg reported the deal was back on. Twitter stock was temporarily halted after the news broke.
