The Twitter vs Elon Musk battle took a different turn on Tuesday, with the Tesla CEO deciding to buy Twitter at the originally agreed price. According to Bloomberg sources, Musk sent a letter to buy Twitter for the $54.20 per share price agreed in April before he decided to back out of the deal.
Musk and Twitter were set to begin trial on October 17th at the Delaware Court of Chancery to settle the dispute after the billionaire decided against purchasing Twitter over claims of bot accounts on the social media platform. With Musk changing his mind again to honour the agreement, the claims will likely not be contested in court.
After filing to pull out of the Twitter takeover in July, Musk had been trying everything possible not to honour the agreement. The Tesla CEO, a prolific Twitter user, has been using the platform to make disparaging tweets about the company he had intended to buy, prompting Twitter CEO Parag Agrawal to ask him to desist from such. Last week, a court filing revealed a series of private messages between Musk, Agrawal and ex-Twitter CEO Jack Dorsey, leading to Musk’s decision to offer to take Twitter private.
Musk was adamant Twitter gave him a false representation of active users and was hoping to use the argument in court to formally terminate the deal. In August, the presiding judge at the Delaware Court of Chancery, Kathaleen McCormick, denied Musk’s “absurdly broad” Twitter data request.
Twitter’s share rose as high as 18 per cent upon the news Musk had decided to buy the company again, but the company has now halted trading, according to Bloomberg.