Twitter confirms Elon Musk buyout offer, says will close at original price


Tesla CEO Elon Musk’s proposed takeover of Twitter seems to be back on track as the billionaire has filed to complete the $44 billion acquisition. In a court filing on Tuesday, Musk’s lawyers confirmed that they were ready to complete the deal which was considered to be over few days ago.

Bloomberg reported on Tuesday that Musk was ready to complete the takeover at the original price of $54.20 a share and the report was confirmed to be true thanks to the court filings.

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The announcement also came days before the trial regarding the non-completion of the deal was about to begin on October 17 with most predicting a loss for Musk and his lawyers.

“We write to notify you that the Musk Parties intend to proceed to closing of the transaction,” read the filings by Musk’s lawyers with the Delaware Chancery court which was overseeing the trial.

Twitter confirmed that they have received Musk’s latest offer and said – “The intention of the company is to close the transaction that was agreed upon during the original deal”.

Also read | AS IT HAPPENED – Twitter confirms Musk buyout offer 

Following the announcement, Twitter stocks skyrocketed by 6.7 per cent before trading was halted. Once it resumed, it went up by almost 12 per cent and trading had to be halted yet again.

Earlier, Musk decided to not go forward with the takeover citing the reason that Twitter had more than 20 per cent fake users. The social media company denied all allegations brought forward by Musk and put the number of fake users on the platform to somewhere around five per cent.

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