 |
| Elon Musk started thinking to buy twitter again |
Elon Musk's battle with Twitter may be finally coming to an end.
According to a letter from his attorneys submitted to the Securities and Exchange Commission, Musk offered to purchase the company for the initial bid price of $44 billion after months of legal battling.
While Twitter did not explicitly state that it will abandon its lawsuit against the multibillionaire CEO of Tesla, the company does expect to sell the business for that sum.
Twitter stated on Tuesday, "We got the letter from the Musk parties which they have filed with the SEC." "The Company intends to consummate the transaction at $54.20 per share,"
On the news, shares increased 22%.
What will happen now that Twitter has accepted Musk's offer to purchase the business?
Musk may take over Twitter in a matter of days, depending on how long it takes him and his co-investors to secure the funding, according to Ann Lipton, an associate law professor at Tulane University.
According to Musk's letter from counsel, the agreement would only be finalised if the Delaware Chancery Court would "issue an urgent stay" of Twitter's case against him and postpone the trial's Oct. 17 start date.
According to Steve Reed, a legal professor at Northwestern University, the timing also depends on what the court decides.
People are guessing that Twitter would seek the court to oversee the merger in some way so that Elon Musk won't withdraw again, according to Reed.