TESLA’s CEO Elon Musk has reversed his decision to buy Twitter again. This time, he is ready to take over.
This was contained in a letter to the social media platform filed with the U.S. Securities and Exchange Commission, where Musk agreed to pay the initial price tendered months before the deal breaker.
Musk’s sudden decision comes just before the legal battle between the two parties, scheduled for October 17 in Delaware.
The social media company intended to seek a court order directing Tesla’s CEO to close the deal at $54.20 per share.
On Tuesday, Twitter said that Musk sent a letter stating that he would carry on with the deal to purchase the microblogging platform for $44 billion.
Twitter said in a tweet that the company intended to close the deal at $54.20 per share, validating the billionaire’s move to shun the lawsuit.
The lawsuit was filed by Twitter after Musk tried to quit its $44 billion purchase in July, with Twitter having a stronger case against Musk.
Musk acquiring Twitter at the original price boosts the company’s shares and increases its value, especially at a time when Meta, Snap others have lost and are losing value.
On the other hand, Musk had been trying to back out after signing the purchase in April 2022.
The billionaire said the plan to buy Twitter in a $44bn deal was to preserve it as an avenue for free speech and eradicate spam accounts.
He (Musk) had claimed that Twitter doctored the number of fake accounts on its platform.
However, The ICIR reported that Twitter sued when Musk announced the deal was off.
The letter stated that the court halts all lawsuit action, while Musk faces deposition under oath.