Elon Musk is ready to buy Twitter at full price
The Elon Musk x Twitter debacle might soon be coming to an end as the billionaire sent a letter to Twitter proposing both parties to go through with the buyout. Read on for more.
by Aline Barbosa
The CEO of Tesla and SpaceX sent a letter to Twitter execs proposing a follow through.
According to a securities filing on Tuesday, Elon Musk sent a letter to Twitter on Monday proposing to go through with his deal to buy the social media platform. The Tesla CEO wants to maintain the originally agreed upon price of $54.20 per share.
In the letter, Musk proposed a couple of conditions in order to proceed as well. The acquisition should follow through on the original terms, pending receipts from the debt financing. Also, provided that the Delaware Chancery Court forgoes the litigation proceedings over Elon Musk’s attempt to stop the deal, and adjourns the upcoming trial.
In a statement, a Twitter executive said that the company received Elon Musk’s letter. He stated that the intention of the social media company has always been to close the transaction. And at the original price proposed by the billionaire.
Late Tuesday, Elon Musk hinted that he’s got big plans for the platform by tweeting that the acquisition is the first step towards creating an “everything app”.
News surrounding Musk’s letter was reported by Bloomberg on Tuesday Morning. Then, there were two pauses on Twitter’s stock trading. When it resumed trading, prices were topping $51 a share for the first time in months.
Will the follow through stop the trial?
The follow through comes as both Elon Musk and Twitter have been preparing for a trial set to happen in two weeks. After Musk’s attempt to cancel the $44 billion acquisition, Twitter moved a lawsuit in order for him to complete the deal.
Parag Agrawal, Twitter’s CEO, is set to be deposed by Elon’s lawyers next Monday. Musk’s deposition by Twitter lawyers should happen the next day.
The news also follows a release of Elon Musk’s personal text messages about his Twitter deal. The messages gave everyone an insight of the Silicon Valley billionaires. Most of whom contacted Musk to weigh in on the deal and even to offer financing for completion.
If the new agreement goes through, it could bring an end to controversial back and forth between Musk and Twitter that’s lasted for months. It could also bring peace of mind to thousands of employees, investors and users of the social media platform.
It’s now up to Twitter to determine how they should respond to Elon Musk’s letter proposal. Josh White, an assistant professor at Vanderbilt University believes that Twitter’s board of executives will most likely agree to Elon Musk’s terms and move forward with closing the deal.
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