Elon Musk is back at buying Twitter. The news broke on Tuesday that Musk sent Twitter a letter announcing that he would proceed with the takeover at the original price of $44 billion.
Gentlemen:
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.
The Musk Parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the Action, including in the event the Action is not stayed, Twitter fails or refuses to comply with its obligations under the April 25, 2022 Merger Agreement or if the transaction contemplated thereby otherwise fails to close.
Elon Musk to Twitter
Twitter acknowledged Elon Musk’s letter, and is looking to close the deal for $54.20 a share.
Elon Musk has apparently changed his mind about buying Twitter and is now willing to proceed with his takeover, but to what end?
“Buying Twitter is an accelerant to creating X, the everything app,” Musk reveled his business ambition as to what Twitter may become in the future.
