Musk resumes plan to buy Twitter at $44 billion

According to security filings, billionaire Elon Musk intends to continue his original $44 billion bid to take Twitter private, ending months of uncertainty, cold shoulder and lawsuits.

Musk, who originally agreed to buy Twitter in April but later withdrew his offer, citing whistleblower testimony and Twitter’s refusal to provide him with the actual number of bots on the platform, has sent Twitter a letter saying he intends to continue the deal on the original terms if the Delaware judge suspends proceedings.

According to a spokesman, Twitter has received Musk’s letter and intends to complete the deal at the original price but did not specify whether or not it will accept Musk’s offer.

The renewed offer comes ahead of a highly anticipated showdown between Musk and Twitter in Delaware’s Court of Chancery on October 17, in which the social media company is expected to seek an order forcing Musk to complete the $44 billion deal at a price of $54.20 per share.

Musk has also said that the purchase of Twitter will accelerate his goal of developing an all-app called X.

It is unclear why Musk gave up his fight against Twitter, but Twitter has maintained throughout the ordeal that none of the analyses Musk provides or supports are accurate.

The sources for this piece include an article in Reuters.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

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