
Audio By Carbonatix
Twitter has agreed — once again — to Elon Musk’s proposal to buy the company for $54.20 a share.
In a statement, Twitter confirmed it had received Musk’s letter that “the intention of the Company is to close the transaction at $54.20 per share.”
The agreement follows months of legal drama after Musk tried to back out of his original agreement to buy the company for $44 billion this spring. The two sides were set to go to trial later this month as Twitter attempted to force Musk to keep up his end of the agreement.
Musk had claimed Twitter had misled him about the number of bots on the platform and had raised concerns about issues disclosed by the company’s former head of security who filed a whistleblower complaint against the company.
Twitter issued this statement about today's news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.
— Twitter Investor Relations (@TwitterIR) October 4, 2022
But Musk, once again, abruptly reversed course on Tuesday, telling Twitter that he would be willing to proceed with the original terms of the deal.
In the letter filed with the SEC, Musk's lawyers say they will go ahead with the agreement first struck in April if Delaware Chancery Court will "adjourn the trial and all other proceedings related" to the ongoing lawsuit.
It’s not yet clear when the acquisition could actually close. Twitter’s shareholders have already voted to approve the deal, but both sides will now also need to wait for Delaware’s Chancery Court’s response.
Musk, who has said he intends to take Twitter private, could eventually bring dramatic changes to Twitter. He has publicly mused about opening sourcing the site’s algorithms and taking a more lax approach to content moderation.
In messages to CEO Parag Agrawal, made public last week, he also stated that he wanted to “unwind permanent bans, except for spam accounts and those that explicitly advocate violence.”
Latest Stories
-
Zipline medical drone delivery: Ghana operations decline as Nigeria expands to reach 100m people
25 minutes -
Government, Zoomlion reopen Achimota Transfer Station to tackle post-flood waste crisis
2 hours -
Ghana and Ukraine: Defence rapprochement raises questions about transparency and mandate
3 hours -
PURC donates computers to UCC Institute for Oil and Gas Studies, assures university over electricity billing dispute
3 hours -
MSDA commissions 50,000-litre automated water project for Saltpond Municipal Hospital
3 hours -
Gov’t committed to protecting pension funds for Ghanaian workers – Vice President
4 hours -
Mastercard Foundation charges AIMS Ghana Class of 2026 to drive innovation, leadership and employment across Africa
4 hours -
Black Stars go again tonight
4 hours -
‘AIMS rewrites the equations of your life’ — Alumna Dr Perpetual Andam Boiquaye challenges graduates to pursue bold ambitions
4 hours -
Princess Marie Louise Children’s Hospital marks 100 years with call for greater investment in child healthcare
5 hours -
AIMS Ghana graduates record 130 students from 24 African countries at 14th graduation ceremony
5 hours -
Mahama assures Big Push contractors of prompt payment after project completion
5 hours -
Logba Klikpo faces telecommunications challenges
5 hours -
Chartered Institute of Taxation warns against unauthorised tax practice
5 hours -
Appeal already filed in Larry Dogbey contempt case — Lawyer
6 hours