Tesla CEO Elon Musk’s planned $44 billion acquisition of Twitter appears to be back on track as the business mogul has filed to finalize the deal. Musk’s attorneys stated in a court filing on Tuesday that they planned to finish the agreement, which was previously thought to be over.
On Tuesday that Musk was prepared to finalize the acquisition at the initial share price of $54.20, and the court documents have since verified the accuracy of the news. The statement also came only a few days before the trial about the deal’s non-completion, which was scheduled to start on October 17 and was widely expected to result in a loss for Musk and his attorneys.
According to documents filed by Musk’s attorneys with the Delaware Chancery court, which was in charge of the trial, “We write to notify you that the Musk Parties intend to proceed to closing of the transaction.” Twitter confirmed receiving Musk’s most recent proposal and stated, “The company’s aim is to close the transaction that was agreed upon during the initial contract.”
Before trading was suspended after the news, the Twitter stock soared by 6.7%. When the trade was once again allowed to begin, it increased by over 12%. Earlier, Musk had concluded against moving ahead with the acquisition, citing Twitter’s higher-than-20% bogus user population as his justification. The social network business estimated the percentage of bogus users on the site at roughly 5% and refuted every accusation Musk made.
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