Twitter has agreed — once again — to Elon Musk’s proposal to buy the company for $54.20 a share. In a statement, Twitter confirmed it had received Musk’s letter that “the intention of the Company is to close the transaction at $54.20 per share.”
The agreement follows months of legal drama after Musk tried to back out of his original agreement to buy the company for $44 billion this spring. The two sides were set to go to trial later this month as Twitter attempted to force Musk to keep up his end of the agreement. Musk had claimed Twitter had misled him about the number of bots on the platform, and had raised concerns about issues disclosed by the company’s former head of security who filed a whistleblower complaint against the company.
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
But Musk, once again, abruptly reversed course on Tuesday, telling Twitter that he would be willing to proceed with the original terms of the deal. In the letter filed with the SEC, Musk’s lawyers say they will go ahead with the original agreement struck in April if Delaware Chancery Court will “adjourn the trial and all other proceedings related” to the ongoing lawsuit.
Developing…