Elon Musk again offered to buy Twitter for price originally agreed upon
Tesla CEO and billionaire Elon Musk has again proposed to buy Twitter at the originally agreed-on price of 44 billion dollars. Musk made the surprising turnaround not on Twitter, as has been his custom.
He made the request in a letter to twitter that it disclosed in a filing with the US Securities and Exchange Commission. It came less than two weeks before a trial between the two parties over Musk’s attempt to back out of the deal is scheduled to start in Delaware.
Musk also faced a scheduled deposition by Twitter attorneys starting Thursday. In response, Twitter said, it intends to close the transaction at 54.20 dollars per share after receiving the letter from Musk. But the company stopped short of saying it’s dropping its lawsuit against the billionaire Tesla CEO. Experts said that makes sense given the contentious relationship and lack of trust between the two parties.
Trading in Twitter’s stock, which had been halted for much of the day pending the release of the news, resumed trading late Tuesday and soared 22 per cent to close at 52 dollars.