Billionaire entrepreneur Elon Musk had terminated the $44 billion Twitter takeover deal in early July.
Article written by
Published
Update
Reading time : 1 min.
Elon Musk has changed his mind again. The boss of Tesla finally offered Twitter to buy the social network at the agreed price in April, two weeks before the trial scheduled between the two parties on this eventful acquisition. The contractor “intends to complete the transaction envisaged by the repurchase agreement of April 25, 2022”according to the terms provided, wrote its lawyers in a letter addressed to the Californian group on Monday, and filed Tuesday, October 4 with the American stock market policeman, the SEC.
>> Elon Musk against Twitter: we summarize in six acts the legal battle between the billionaire and the social network
The only condition expressed in the letter: the end of the legal proceedings in progress before the specialized court of Delaware. Elon Musk had offered in the spring to acquire the platform for 54.20 dollars per share, thus valuing it at 44 billion dollars. The board of directors, at first very reluctant, ended up accepting, but the richest man in the world unilaterally returned to this agreement in July. Twitter had then launched lawsuits to force him to honor his commitment, and everything indicated that he was well positioned to win.
On Tuesday, the band confirmed in a brief statement “to have received the letter” and have the intention “to complete this transaction” at the defined price. The title of Twitter took more than 22% on the New York Stock Exchange, after being suspended all afternoon “waiting for information”after an article by the American press agency Bloomberg which revealed this development.