After months of legal drama, Elon Musk has proposed to buy Twitter at a $54.20 share price. In a court filing by Musk’s lawyers, it was confirmed that he intends to push for the deal, following his July decision to walk away from the agreement.
Musk and Twitter had been set for a Courtroom Trial beginning on 17 October, in which Twitter was expected to force Musk to go through with the deal despite his attempts to scrap it.
On October 3, Musk’s lawyers sent a notice to Twitter, which read, “We write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby.”
Twitter then issued a statement in response, saying, “We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.”
Famous for making jokes and sharing memes on Twitter, Musk was enthusiastic about purchasing the platform in order to implement his ideas, such as authenticating all users, charging businesses to use it, and making Twitter a platform for free speech. In early July, Musk attempted to extradite himself from the deal, just ten weeks after agreeing terms, claiming that the company could not prove that fake and spam accounts are less than 5% of its active users.
However, Twitter sued him for allegedly breaching a legally binding agreement, and the trial was set to commence on October 17. It was widely thought that Musk was set to lose this legal battle and purchase a company he does not want, however, he has recently claimed that purchasing Twitter is, “An accelerant to creating X, the everything app.”
Since Musk first showed interest in purchasing the platform, there has been an endless back and forth exchange between him and Twitter, often resulting in public spats. While some have been left questioning whether Musk’s most recent offer is a delay tactic, it seems as though this back and forth is finally coming to a close.
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