Shulou(Shulou.com)11/24 Report--

Beijing, Oct. 6 (Beijing time)-in the weeks before Elon Musk announced that he would buy Twitter again at the "original price", his representatives had held several consultations with Twitter in the hope of renewing the deal at a lower price, according to people familiar with the matter.

Mr Musk wants a discount of up to 30 per cent, a proposal that values Twitter at about $31 billion, according to people familiar with the matter. But Twitter rejected the offer. Musk initially struck a deal with Twitter for $44 billion. In the past week, Mr Musk has reduced the discount to about 10 per cent, allowing Mr Musk to buy Twitter for about $39.6 billion. In the end, no progress was made in these negotiations. As of Wednesday, Twitter had a market capitalization of $39.2 billion.

The negotiations came just before the two sides had a showdown in a Delaware court. If an agreement can be reached, the two sides can avoid a chaotic public trial, when testimony from key Twitter employees and Mr Musk is highly likely. But people familiar with the matter said the discussion of the acquisition discount was only at an early stage and that a list of investment terms had not been prepared. It is not clear why no progress has been made in the negotiations.

As a result, on Monday night local time, Musk sent a letter to Twitter offering to buy Twitter for the initially agreed price of $44 billion.

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