Elon Musk’s $44 Million Plan to Buy Twitter Is Back On

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Elon Musk's $44 Million Plan to Buy Twitter Is Back On

Elon Musk’s $44 Million Plan to Buy Twitter Is Back On

According to a legal document, Elon Musk has volunteered to move on with a plan to purchase Twitter at the price he suggested months ago before attempting to call it off. This is an astonishing change, given how close the two parties were to going to trial.

Musk’s side proposed to proceed with the transaction at $54.20 per share in a letter delivered to Twitter overnight, provided the Delaware Chancery Court, which intended to hear the trial on Oct. 17, agreed to “issue an urgent stay” of the case and “adjourn the trial and all other” connected procedures. Furthermore, in a financial filing on Tuesday, Twitter included a copy of the letter from Musk’s counsel.

Will Twitter Move on With the Deal?

On Tuesday, Twitter said it had received the letter and plans to close the deal at the initial stock price offered by Musk’s group. One source, speaking anonymously, said the company plans to accept the offer but is waiting for a judge to confirm whether it can oversee the process.

Twitter executives debated whether the letter constituted a legal tactic because sources said there was so much mistrust on both sides. Musk’s proposal comes at a turning point in the preparation case.

Depositions had been taken from both sides. According to court schedules, Musk’s side gathered testimony from Twitter CEO Parag Agrawal and whistleblower Peiter Zatko, the company’s former head of security, who claimed severe flaws in Twitter’s security standards and errors in its filings with security regulators.

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