Just when we thought we knew how it’s gonna end, it took a new turn. Elon Musk and Twitter’s story entered a new chapter wherein the former proposed on Monday night to revive the Twitter takeover deal at the original price of $54.20 a share. The development came after Twitter sued Musk in July in an attempt to force him to go through with the $44 billion deal.
According to a filing with the Securities and Exchange Commission, Musk would carry forward the original deal that he promised back in April. Twitter in a statement said it received the letter and intends to close the deal at the agreed-upon price, not disclosing how it will respond to Musk. The trial between the two parties is scheduled to start in Delaware by mid-October in Delaware Chancery Court.
The billionaire on Wednesday took to Twitter and wrote, “Buying Twitter is an accelerant to creating X, the everything app.” Musk has stated that he wants Twitter to be more like TikTok and WeChat, with many more highly engaged users.
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Elon Musk and Twitter takeover deal
Reportedly, Musk is keen on getting a hold of the trial before both parties move towards finalizing the deal. According to an AP report, Twitter has disclosed a letter from Musk’s lawyer dated Monday in securities filing wherein Musk stated that he would close the merger signed in April if the Delaware Chancery Court “enter an immediate stay” of Twitter’s lawsuit against him and adjourn the trial scheduled to start in October.
After initiating and signing the Twitter takeover deal in April, Musk had been trying since July to end his contract to acquire the social media platform, alleging that Twitter had misled him about the size of its user base and the prevalence of automated accounts known as bots. In its response, Twitter sued him in Delaware Chancery Court, forcing him to go forward with the purchase. A trial had been scheduled to begin on October 17.
Reports suggest that Twitter is considering the new proposal, however, doesn’t plan to give up its trial date on just Musk’s word as there is great distrust on both sides.