Twitter confirmed that it received a letter from parties related to Musk and that the social media firm intends to wrap up the deal at the original price of $54.2 per share in cash
Elon Musk considers acquiring Twitter at the original price. (Credit: FASTILY/ Wikimedia Commons)
Tesla and SpaceX founder Elon Musk has proposed to proceed with his previously announced Twitter takeover deal for the initial price of $44bn he offered months ago.
Musk’s intentions of moving ahead with the acquisition were revealed through a securities filing.
In a tweet, the billionaire said: “Buying Twitter is an accelerant to creating X, the everything app.”
Twitter also confirmed that it received a letter from parties related to Musk and that the social media firm intends to close the deal at the original price of $54.2 per share in cash.
The all-cash deal was announced by the parties in April 2022.
However, in May 2022, Musk warned that the deal would not go forward unless Twitter’s CEO Parag Agrawal proved that fake or spam accounts are under 5% on the platform. Musk had been claiming that Twitter had 20% fake or spam accounts on its platform.
Following Musk’s formal announcement of the termination of the deal, Twitter announced its intention to file a lawsuit against Musk.
The Tesla founder and the microblogging platform were scheduled to face each other in court this month, with the latter pursuing an order that would ask the billionaire to close the deal at the originally agreed consideration.
Last month, Twitter shareholders voted in favour of the proposed deal even after it was scrapped by Musk in June 2022.
Twitter, in one of its earlier filings with the SEC, stated that Musk will have to pay it a termination fee of $1bn if the deal is called off by him.
If completed, the deal will result in Twitter becoming a privately held company.