Elon Musk to Twitter: Actually, I'm Cool With Our Original Deal
Elon Musk has agreed to acquire Twitter for the original offer price of $54.20 per share, rather than continue a court fight.
On Monday, lawyers for Musk sent a letter to Twitter about dropping the court battle and continuing with the acquisition as the two parties originally agreed, according(Opens in a new window) to an SEC filing.
Twitter seems ready to accept. In a tweet(Opens in a new window), the company said: "We received the letter from the Musk parties, which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share."
The news means the long-running saga over whether Musk will buy Twitter may finally be coming to a close. Last month, Twitter’s own shareholders voted to approve Musk’s bid to buy the company at the original $44 billion price.
It’s now up to Musk to supply the promised funding. In August, he sold $6.9 billion in Tesla shares in the event he’s force to acquire the company. He’s also received another $7 billion(Opens in a new window) from friends and supporters, including Oracle CEO Larry Ellison, to back his bid to buy Twitter.
The agreement requires Musk to supply $21 billion in equity financing while another $26 billion will be sourced from bank loans.
So far, Musk hasn’t tweeted about re-floating his proposal to buy Twitter. But there’s already speculation the Tesla CEO was ready to end the court battle over concerns that more of his private texts(Opens in a new window) about the Twitter acquisition would become public if he continued on with what would be an expensive legal fight.
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