Elon Musk's purchase of Twitter appears to be falling through

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Published 5 October 2022 at 07.51

Media. Multi-billionaire Elon Musk has changed his mind and offers – after much back and forth – to buy Twitter again for the price previously agreed upon.

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Elon Musk wants to buy the entire company for $54.20 per share.

Twitter has confirmed in an email to employees that the offer has come from Musk, who is the world's richest man.

The price is the same that Elon Musk offered to buy the social media giant earlier this year. He then stated that he wanted to take over Twitter in order to introduce freedom of speech on the platform.

But then Musk tried to withdraw from the deal citing that Twitter did not provide accurate information about how many user accounts are so-called cures. This prompted a legal process.

Tuesday's announcement of the billionaire's turnaround sent Twitter's stock soaring on the New York Stock Exchange before the close, up 22 percent.