Elon Musk revives Twitter deal
October 7, 2022

Elon Musk revives Twitter deal

In a recent development, Elon Musk has decided to proceed with his original $44 billion acquisition of Twitter. According to Bloomberg, Musk reportedly sent a letter to the social platform proposing they avoid going to court and instead accept his offer at the original agreed price of $54.20 per share. 

The Tesla CEO and Twitter have been battling for months now following the former’s attempts to pull out of his original takeover deal. Despite original plans to buy the micro-blog, Musk tried to cancel the deal with claims that Twitter lied about the number of bot accounts on the platform. Twitter then sued Musk to try to get him to abide by the contract he negotiated, and a trial date was set for October 17th.

However, multiple legal commentators warned he had a slim chance of succeeding in his attempt to scrap the deal. In response, Twitter released a statement saying: “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.”

It’s unclear what this means for Twitter’s future but as outlined in his original plans, Musk has a series of plans for the company including Twitter becoming less reliant on ads, more aligned with free speech and aggressive in its approach to removing bots.

Your weekly roundup of the latest industry news and platform updates collated by Digital Voices’ Strategy and Insights team.

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