Elon Musk Agrees to Complete Twitter Deal at Original $44 Billion Price, Ending Legal Fight
It’s official: Elon Musk has proposed to complete the $44 billion deal to buy Twitter at the original agreed-on terms, dropping his three-month-long legal fight with the social network. Musk made the proposal in a letter to Twitter, offering to close the deal at the $54.20 per share price, according to an SEC filing by Twitter Tuesday. That came two weeks before a trial was scheduled to begin Oct. 17 in Delaware Chancery Court to hear the lawsuit Twitter filed to force Musk to abide by the original offer price. On Oct. 3, Musk’s lawyers sent a letter to Twitter notifying the company that he “intends to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby,” according to the filing. The buyout agreement is conditioned on the Delaware Chancery Court entering an immediate stay of Twitter’s lawsuit against Musk seeking to complete the deal.