Wednesday 5 October 2022 - 07:27

Elon Musk Proceeds Buying Twitter for Originally Agreed $44bn

Story Code : 1017706
Elon Musk Proceeds Buying Twitter for Originally Agreed $44bn
The Tesla company chief sent a letter to Twitter on Monday night offering to go ahead with the deal, less than two weeks before the two parties were set to go to trial in Delaware Chancery Court.

The arrangement would allow Musk to acquire Twitter at $54.20 per share, the price he agreed to pay for the company in April, two people familiar with the proposal said.

Twitter, which sued Mr. Musk in July to force him to go through with the deal after he said he wanted to back out, has yet to accept Mr. Musk's new proposal. His advances could be seen as a negotiating tactic to halt Twitter’s litigation against him.

In a statement, a Twitter spokesperson acknowledged that it had received the letter and said that the “intention of the company is to close the transaction at $54.20 per share”.

The two parties met in court in an emergency hearing via Zoom early on Tuesday with the judge, Kathaleen McCormick, according to a person familiar with the situation.