On Tuesday, Tesla and SpaceX CEO Elon Musk made it clear in a financial filing that he would be purchasing Twitter at the agreed-upon price of $54.20 per share.
Musk, who initially announced that he was going to purchase the company back in April, attempted to back out of the agreement over the summer due to concerns of Twitter overstating the number of users it had on its platform.
In response, the social media company sued the billionaire to keep him in the deal. Musk claimed that Twitter was misleading investors by providing false numbers about users and instead relying on bot accounts to pat their user base.
Twitter countered, however, arguing that Musk was wrong about the potential fraud, saying his assumption was based on a faulty understanding of how the company counts bots and fake accounts on its platform. The case was due to be brought before a judge in the coming weeks.
Musk, however, has seemingly changed his mind and is willing to purchase the company.
ELON MUSK ANNOUNCES PARTNERSHIP TO END CELL PHONE DEAD ZONES IN THE US
“On October 3, 2022, the Reporting Person’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,” the filing read, adding that the lawsuit against Musk will “adjourn the trial and all other proceedings related thereto pending such closing or further order of the court.”
“We received the letter from the Musk parties which they have filed with the SEC,” Twitter said in a statement. “The intention of the Company is to close the transaction at $54.20 per share.”
Twitter issued this statement about today's news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.
— Twitter Investor Relations (@TwitterIR) October 4, 2022
The $44 billion deal could close as soon as Friday, according to CNBC. In response to the deal going back on the table, Twitter's stock surged 22 percent on Tuesday leading to trading being halted as investors rushed to purchase stock.
Following the announcement, Musk tweeted the following to his 107.9 million Twitter followers: “Buying Twitter is an accelerant to creating X, the everything app.”
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
It is unclear whether Musk, who has gained a reputation as a jokester, is serious about creating an app of his own, however, one thing is for certain: the $44 billion deal to buy Twitter will be going through.
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