Elon Musk says he’ll buy Twitter for $44 billion after all
Published on Oct 05, 2022 at 11:15 AM (UTC+4)
by Kate Bain
Last updated on Oct 05, 2022 at 11:15 AM (UTC+4)
Edited by
Kate Bain
Elon Musk is reportedly going through with his original offer to buy Twitter for $44 billion.
The billionaire’s legal team has reportedly sent a letter to Twitter suggesting he is willing to put an end to the legal battle over the merger which he tried to abandon back in July.
Musk has also taken to the platform to tell his 100 million followers the buyout is a means to an end.
“Buying Twitter is an accelerant to creating X, the everything app”.
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The Tesla CEO initially said he would buy the social media platform for $54.20 a share, about $44 billion, in April before trying to back out when Twitter’s value plummeted.
Twitter refused to let Musk pull out of the deal, instead suing him in an attempt to force him to see it through.
The trial was due to start in two weeks’ time.
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Now, Musk is reportedly agreeing to buy the company for the initial sum if Twitter drops the lawsuit.
A Twitter spokesperson confirmed they received the letter, saying “the intention of (Twitter) is to close the transaction at $54.20 per share”.
But given the level of distrust between the two parties, Twitter is reportedly concerned the letter could just be a legal maneuver in Musk’s attempt to back out of the deal.
Elon Musk Twitter deal
In typical Musk fashion, the billionaire aired all his thoughts online throughout the saga.
Most notably, Musk accused Twitter of making “false and misleading representations” about the number of fake accounts on the platform.
A five-day trial is currently slated to begin on October 17.
If both parties are unable to come to an agreement, the trial will still go forward as planned.
As usual, the internet has some opinions.
One user commented on the situation, saying Musk was only going ahead with the deal because he “didn’t like that we were all laughing at him for being gutless”.
Another user saw the funny side, saying “I think it’s good that Elon Musk is buying Twitter. Every website should be owned by its worst user – let my aunt be CEO of Facebook”.
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Kate Bain is the Page Editor at supercarblondie.com. She is based in Dubai and coordinates coverage of the latest news across automotive, technology, and lifestyle. Kate has a bachelor's degree in business and post graduate in journalism. She is an experienced editor and journalist who has worked for News Corp, Daily Mail Australia, and Sky News. When she's not at work, you'll find her attached at the hip to her dog, Thor. Kate is currently on maternity leave following the birth of her first child.
