As Twitter Trial Looms, Elon Musk Offers to Buy at His Original Price

If accepted, the proposal would allow the mercurial Musk to avoid a trial this month which many think he’s bound to lose
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Just when we thought the Twitter deal was dead, funtime Tesla billionaire Elon Musk has popped back up, offering to buy Twitter for the original price of $54.20 a share by sending the social-media company a letter of concession, according to the Wall Street Journal. That’s right, same stock price, original weed joke and all. Twitter acknowledged that it received Musk’s proposition and said it plans to close the transaction at the share price offered, evaluating the company at $44 billion.

“This is a clear sign that Musk recognized heading into Delaware Court that the chances of winning versus Twitter board was highly unlikely,” Dan Ives, an analyst with Wedbush Securities, wrote in a note Tuesday, via the Washington Post. “This $44 billion deal was going to be completed one way or another.”

Musk has already secured the funds back in April, reports the Wrap.

Twitter investors have already agreed to the deal, authorizing the sale during a special meeting last month, reports the WSJ. The anti-trust hurdles have been cleared.

If the two sides do reach an agreement, they could sidestep the five-day nonjury trial that’s set to begin October 17 in Delaware.

Musk originally sought to purchase Twitter in April, but began backing out of it when he claimed that Twitter wasn’t giving him the full info on the number of spambots lurking on the platform. He pulled out of the deal formally in July, says the terms of the deal had been violated. Twitter, convinced that Musk was using the issue with bots as a smokescreen for buyer’s remorse, moved to force him to buy the social-media platform in court, which led to the trial date on October 17.

Twitter stock prices were at a standstill much of the day over the news but closed Tuesday at $52, up 22 percent, reported WSJ.


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