Elon Musk offers an initial purchase price of $44 billion for Twitter.
Elon Musk made his initial offer in April, but has since tried to pull out of the deals. PDO
Twitter confirms that the billionaire Elon Musk is willing to buy the company at a price of $54.20 per share. This translates to a total price of $44 billion.
As a condition of his offer, Musk is demanding that Twitter drop a lawsuit asking the court to order Musk to execute the deals. The lawsuit is related to disagreements in previous negotiations between Musk and Twitter.
In a letter to Twitter, Musk suggests that the deal could proceed at a price of $54.20 per share if a Delaware court agrees to stay and stay the proceedings related to the lawsuit.
The Washington Post says, citing inside sources, that Twitter plans to accept Musk’s offer, but is awaiting confirmation that a judge can oversee the deal-making process.
The source says that there is great mistrust between the parties. Twitter executives continue to question the legality of Musk’s letter.
The value of Twitter’s shares started to rise sharply when the information about Musk’s offer became public. Shares rose by more than 22 percent. Tesla, owned by Musk, rose by just under three percent.