Elon Musk proposes to buy Twitter Inc. with an initial price of 54.20 USD/share. For months, Musk has been trying to withdraw the contract he signed in April to acquire Twitter. After a lengthy legal battle between the two sides, the billionaire’s proposal will likely eliminate the need for a court hearing this month.
According to a report from Bloomberg, Elon Musk made a proposal to agree to buy Twitter for the original $44 billion bid in a letter to Twitter on Monday. This is in stark contrast to previous attempts to cancel the acquisition with Twitter.
Twitter also said the intention now is to close the deal at $54.20 per share.
Arguably the October 3 proposal came as the legal team for Musk felt the judge would not issue a favorable ruling. The billionaire wants to stay immediately in court proceedings in the lawsuit between Twitter and Musk.
“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,”The letter wrote
The proposal potentially eliminates the need for a court hearing in the Delaware Chancery Court this month.
Immediately after the announcement, Twitter’s stock price jumped more than 22%, currently trading at $52.
The Elon Musk-backed Dogecoin meme is also up 8.55% in 24 hours and is currently trading at $0.0658.
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