Elon Musk wants to go ahead with the Twitter purchase deal

Elon Musk wants to go ahead with the Twitter purchase deal

BILLIONAIRE Elon Musk plans to go ahead with his original offer to buy Twitter for US$44 billion.

The intention was revealed in a securities filing that signals the end of legal action that could force Musk to pay damages to the social media company.

The purchase agreement will end months of litigation.

The dispute has previously hurt Twitter’s brand as well as Musk’s reputation.

Tesla’s CEO initially wanted to take over Twitter in April but canceled his plans.

Twitter shares jumped 12.7 percent to US$47.93 a share before trading was halted for a second time, while Tesla shares rose about 2.4 percent.

The report follows the highly anticipated meeting between Musk and Twitter at the Delaware Chancery Court on October 17.

The social media company is set to seek an order directing Musk to close the deal for $44 billion.

Musk said in his letter to Twitter that he wants to proceed with the deal according to the original terms if the Delaware Judge stays the proceedings.

Twitter accepted Musk’s letter and intended to close the deal at the original price of US$54.20 per share.

source – Astro Awani


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