Musk, Twitter deal back on
October 6, 2022
Elon Musk has seemingly changed his mind about buying social media platform Twitter, and is now willing to proceed with his $44 billion (€44.7bn) takeover.
In a letter to the firm, Musk indicated he has agreed to pay the price he offered earlier this year before trying to back out of the deal. The reversal comes just weeks before the two sides were due in court. Twitter, which had sued Musk to force the takeover to move forward, was believed to have the stronger case.
In the letter, attorneys for Musk said he intended to move ahead to complete the transaction, pending receipt of the financing and an end of the legal fight.
The BBC reports that a spokesperson for Twitter acknowledged the firm had received the proposal, adding “the intention of the company is to close the transaction at $54.20 per share” – the price that Musk originally offered.