Elon Musk proposes to buy Twitter for original offer of $44 billion

Elon Musk is offering to buy Twitter for the $44,000,000,000 originally offered

Elon Musk proposes to buy Twitter for $44 billion originally offered (Image: Reuters)

Elon Musk has proposed buying Twitter for his original $44 billion bid in the latest twist in the saga of ownership of the social media giant.

Musk sent a surprise letter to Twitter on Monday, stating that he would proceed with the acquisition of the company if a lawsuit over the matter is dropped, according to a filing with the Securities and Exchange Commission (SEC).

“We are writing to inform you that the Musk parties intend to proceed with the closing of the transaction,” an attorney for Musk wrote.

In the letter, Musk’s attorneys said that he and his supporters “intend to complete the debt financing set forth in the June 25 merger agreement.”

Elon Musk signed a deal to acquire Twitter in April, but backed out and the matter went to court

Elon Musk signed a deal to take over Twitter in April but backed out and the matter went to court (Image: Getty Images)

That would be subject to the court ordering “an immediate stay of the lawsuit” and Musk establishing debt financing.

A Twitter spokesman told the Daily Mail Tuesday afternoon, “We received the letter that the Musk parties filed with the SEC.”

‘The company intends to complete the transaction at $54.20 per share,’ the spokesman said.

Musk signed a deal to acquire Twitter in April but has been trying to get out of it for months. The richest man in the world claimed Twitter misled him about the number of users and bots on the platform. The parties ended up in court.

Following the news, Twitter shares rose about 22% to $52 at the close on Tuesday in New York.

A Delaware court was scheduled to hear Twitter’s lawsuit against Musk beginning Oct. 17. Twitter claimed Musk used the bots thing to get out of business. Meanwhile, Musk’s team had to prove that Twitter violated the terms of the acquisition agreement.

Dan Ives of investment firm Wedbush Securities told NBC News that the billionaire’s new proposal “is a clear sign that Musk has realized on the way to the Delaware court that the odds of winning against the Twitter board are highly unlikely and that this one $44 billion deal would go through either way’.

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https://metro.co.uk/2022/10/04/elon-musk-proposes-to-buy-twitter-for-original-440000000000-offer-17503768/ Elon Musk proposes to buy Twitter for original offer of $44 billion

Justin Scacco

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