Elon Musk wants to buy Twitter again. He tried to pull out of the agreement in July. The company wants to close the transaction at $54.20 per share, which is $44 billion higher than the initial valuation of the social media network.
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Tesla CEO went out of business after realizing up to 5% of total accounts were bots. In other words, their business came from software, not people.
He later concluded that the actual number may exceed the estimate. The main reason Elon Musk bought Twitter was to reduce "spam and scam bots" and "bot armies".
Additionally, Musk said the company recklessly removed accounts that violated content moderation guidelines. He tweeted that his acquisition was "temporarily suspended".
As a result, Twitter stock fell 20% in premarket trading on May 13. On the other hand, Elon Musk has allocated a huge chunk of his fortune to finance the acquisition.
Twitter has not accepted the offer at the time of writing. The company might be cautious about this, given Tesla's CEO has flip-flopped in the past.
There are several reasons for Elon Musk's abrupt change of heart. According to Mashable, Musk would have to pay a huge sum if he tried to withdraw from the binding agreement.
He may have thought buying the company would be a practical decision. Furthermore, the acquisition could solve his case. As a result, his text messages on the deal would no longer be distributed to the public.