UPDATE 4:03 p.m.: A Securities and Exchange Commission (SEC) filing on Tuesday confirmed that Musk is proceeding with the deal to purchase Twitter. According to the filing, “On October 3, 2022, the Reporting Person’s [Musk’s] advisors sent a letter to Twitter (on the Reporting Person’s behalf) notifying Twitter that the Reporting Person intends to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby…”
Original article:
Tesla CEO Elon Musk has reportedly decided to move ahead with purchasing Twitter for the original offer of $44 billion, anonymous sources tell Bloomberg News.
If accepted, his offer would put an end to the legal battle that has been ongoing since the summer, when he backed out of the deal over the company’s failure to disclose how many of Twitter’s accounts are bots rather than real people.
Twitter’s board, which initially scoffed at Musk’s offer to buy the platform, went on to sue Musk to compel him to complete the acquisition. Twitter’s board accused him of trying to get a lower price, but earlier this year, we learned that Twitter had been overstating the number of true users on the platform in Q4 2021 by 1.9 million.
Related: Will Elon Musk Let Me Back on Twitter?
News of Musk’s offer sent Twitter’s stock up on Tuesday, prompting trading to be temporarily halted.
CNBC's David Faber says Elon Musk, following his letter of intent to buy Twitter at $54.20 a share, may own the company by as early as Friday. pic.twitter.com/QMRw9sz58X
— The Recount (@therecount) October 4, 2022
Musk has claimed he wants to make Twitter a true platform for free speech. Perhaps, if this deal actually goes through, my Twitter account can be restored after I was banned back in March.
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