Elon Musk (51) wants to buy Twitter again and the short message service is there. The billionaire Tesla CEO has proposed to buy the San Francisco, California-based company at the originally agreed price of $44 billion. The months-long and turbulent takeover story is thus heading towards a conclusion.
As “AP News” further reports, Musk did not make the surprising about-face on Twitter as usual, but in a letter to Twitter that the company submitted to the US Securities and Exchange Commission on Tuesday.
A lawsuit between the two parties over Musk’s attempt to go out of business is set to begin in Delaware in less than two weeks. Musk also faces a hearing from Twitter attorneys starting Thursday.
In response, Twitter said the company intended to complete the transaction at a price of $54.20 per share after receiving Musk’s letter. It is unclear whether the lawsuit is also off the table.
Though there are still some logistical and legal hurdles to overcome, Musk could take over the reins of Twitter in a matter of days — no matter how long it takes him and his fellow investors to raise the money, according to Ann Lipton, a law professor at Tulane University.
Musk put the purchase agreement on hold in May, alleging that Twitter underestimated the number of fake accounts on its platform. Twitter then sued him for voiding the April purchase agreement.
