Elon Musk Will Buy Twitter For $44B After Months-Long Dispute
Elon Musk may have thought he was off the hook in his multi-billion dollar deal with Twitter, but after months of legal disputes and social media trash talk, the South African engineer has once again found himself right back where he started.
According to TMZ, the father of nine’s lawyer submitted a proposal letter on Sunday (October 2), stating that he “intends to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement,” which means Musk is seeking to close the deal at its original price of $54.20 a share.
Twitter has confirmed that they’re on board with the plan, tweeting “The intention of the Company is to close the transaction at $54.20 per share,” on Tuesday (October 4) afternoon.
It’s been noted that shareholders had previously signed off on the initial deal – as did government regulators – although things took a turn for the worst when Musk desperately fought his attempt to buy just one month after making a big-ticket offer of $44B.
At the time of his change of heart, the 51-year-old claimed that Twitter didn’t follow through with their contractual obligations to him, specifically regarding business information that he had requested, as well as the number of spam-bot accounts on the platform.
Twitter issued this statement about today’s news: 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.
— Twitter Investor Relations (@TwitterIR) October 4, 2022
Though Musk didn’t intend to go through with the deal, the company threatened to take him to court over the situation and even filed a lawsuit.
It’s been noted that the trial was set to begin later this month (even after the Tesla head requested it be pushed back to a later date), but if everything works out between both parties, there will be no need to head to court.
