Elon Musk Ready to Buy Twitter Again

Musk appears to be backing down from his legal threats.

Musk appears to be backing down from his legal threats.

For the last several months, Tesla CEO Elon Musk has been waging a legal battle with social platform Twitter. Musk, who originally signed a contract to purchase Twitter in its entirety, sued the platform for allegedly misrepresenting the state of itself. Twitter countersued, stressing that Musk already signed the contract and that any other matters are immaterial.

This week, in a surprise note, Musk and his lawyers signaled to Twitter that he is prepared to go through with the original deal to acquire the platform for $54.20 per share, $44 billion in total. The note stipulated, however, that Musk and Twitter’s upcoming trial receive an indefinite stay.

“On behalf of X Holdings I, Inc., X Holdings II, Inc. and Elon R. Musk (the “Musk Parties”), we write to notify you that the Musk Parties intend 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, provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al. (C.A. No. 202-0613-KSJM) (the “Action”) and adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court.”

While this news has raised Twitter’s stock values, the platform has not stated whether or not they intend to drop their lawsuit against Musk.

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