Musk's Twitter Deal Resumes
Elon Musk is ready to buy Twitter at his original offer of $44B after a months-long legal battle, according to a new legal filing. The CEO of Tesla and SpaceX made the proposal in a letter to Twitter before an emergency meeting with a judge yesterday. The news comes a month after Twitter shareholders voted to approve the original deal and two weeks before the trial over Musk's previous attempt to terminate it.
Twitter sued Musk in July after he declared his intention to withdraw from the April agreement. Musk alleged Twitter undercounted the number of fake accounts on its platform. Legal analysts say the billionaire entrepreneur faced an uphill battle in court, citing the judge frequently ruled in Twitter's favor on evidentiary matters. See a timeline of events here.
Twitter shares were halted for much of the day before closing up 22% at $52 per share, bringing the price closer to Musk's offer of $54.20 per share.