Twitter has confirmed it received the proposal from Elon Musk to buy the company again and remains committed to honouring the originally agreed deal. In a statement issued by the Investor Relations account, Twitter states, “the intention of the Company is to close the transaction at $54.20 per share.”
Twitter and Musk were set to begin a trial at the Delaware Court of Chancery on October 17th after Twitter sued the billionaire for trying to pull out of the original takeover agreement. Both sides will hope the ongoing messy legal battle is behind them as they try to finalise the deal. Twitter’s shareholders already voted in September in favour of Musk’s $44 billion acquisition, but it is still unclear when the deal will finally close.
On Wednesday, Musk tweeted, “buying Twitter is an accelerant to creating X, the everything app.” In June, in a virtual meeting with Twitter employees, Musk said Twitter needed to adopt a WeChat model if it intends to have 1 billion users.
Musk could make radical changes to Twitter when he eventually takes over.
Featured Image – Elon Musk by Liesa Johannssen-Koppitz/Bloomberg