Elon Musk’s Twitter deal is back on.
The SpaceX founder is believed to have changed his mind after he withdrew his offer to purchase the social media giant for $44 billion just two weeks before the two parties were expected to head to court to fight it out.
Their day in court came after Twitter launched legal action against Elon to ensure he went through with the takeover following the individual share prices to tank.
Late last month, a published text exchange between Elon and the current CEO Parag Agrawal showed there was growing animosity between the pair.
Writing in a letter, lawyers for the 50-year-old billionaire outlined Elon’s intention to go ahead with the sale and was awaiting for the financing to materialise - which he is believed to have got from selling shares in his electric supercar brand - and quash the case.
They wrote: “We write to notify you that the Musk parties intend to proceed to closing of the transaction.
A representative for Twitter confirmed the news, and detailed “the intention of the company is to close the transaction at $54.20,”
The Tesla creator - who is reported to have lost $65 billion in value since the whole ordeal - teased what was in store for the microblogging app on Twitter on Tuesday (04.10.2022), hinting he wanted to make a “everything app”, which comes after months of the prolific Twitter user detailing he wanted to save the site from censorship.
Elon tweeted: “Buying Twitter is an accelerant to creating X, the everything app.”
If the deal failed to go through - which was made shaky by Elon questioning Twitter’s claimed amount of bot accounts - he faced a $1 billion break clause.
