- Elon Musk is ready to complete the $44 billion Twitter acquisition, as both sides agreed a few months ago.
- Twitter had sued Elon Musk, to hold him to the terms of the binding agreement reached in April.
- Musk’s lawyers officially informed Twitter that he intends to proceed to close the transaction contemplated by the April 25, 2022 Merger Agreement.
Elon Musk’s lawyers have sent a letter to Twitter, notifying the company that the Musk Parties’ intention to proceed to the closing of the transaction contemplated by the April 25, 2022 Merger Agreement. The official proposal came two weeks before the trial to hear the lawsuit Twitter filed to force Musk to abide by the original offer price.
$54.20 per share price
Since July, Elon Musk, the world’s richest individual claimed that 20% of Twitter’s user base are fake or spam accounts, while Twitter stated that less than 5% of its monetizable daily active users are bots. As a result, Twitter has sued Musk to hold him to the terms of the binding agreement signed in April. Finally, Musk decided to complete the acquisition, since he was likely to lose the case. The SEC filing says,
« 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. »
Twitter issued this statement about today's news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.
— Twitter Investor Relations (@TwitterIR) October 4, 2022
Twitter also published a tweet confirming the SEC filing and the company’s intention to close the transaction at $54.20 per share. Also, Musk tweeted that buying Twitter will accelerate to a different project, X, the everything app. Elon Musk is the owner of the x.com domain and might be working on a social media site called X.