Elon Musk announces final intentions to buy Twitter

Tesla CEO and billionaire Elon Musk seems to be going ahead with the acquisition of Twitter for $ 44 billion. According to a notice sent on Monday by Musk’s lawyers to the Delaware Chancery Court, the entrepreneur is ready to «proceed with the execution of the transaction contemplated by the Merger Agreement dated April 25, 2022.»

This comes after several months of court drama between Tesla and Twitter, where Musk tried to back out of the purchase, citing Twitter’s lack of transparency regarding spambots, fake accounts, and the financial condition of the business.

Musk’s proposed deal could be concluded subject to «immediate suspension of the lawsuit, postponement of court hearings, and pending payment.» Twitter seems to be ready to accept such conditions. The company announced that it intends to formalize the sale of the social network for $ 54.20 per share.

Twitter issued this statement about today’s news: We have received the letter from the Musk parties that they have filed with the SEC. The intention of the Company is to close the transaction at $ 54.20 per share.

— Twitter Investor Relations (@TwitterIR) October 4, 2022

It is not yet known whether the approaching court date prompted Musk to change his mind, but the founder of Telsa and SpaceX has already unveiled plans for Twitter after he becomes the owner of the platform.

Buying Twitter is an accelerator to creating X, the everything app

— Elon Musk (@elonmusk) October 4, 2022

The news that Musk could become the new owner of the social network caused a mixed reaction from the Twitter community. Dogecoin founder Bill Marcus tweeted: «If Elon Musk destroys Twitter, we won’t have to read all the stupid things people write here anymore. It’s a win-win. « We would like to add that according to Nasdaq, over the past 24 hours, the current price of Twitter shares has jumped to $ 52 per share.

At the end of September, Elon Musk’s personal correspondence regarding the purchase of Twitter was leaked online. According to the billionaire, if each user of the platform paid a small amount for registering on the social network, it would reduce the number of fakes on the platform.

Earlier, it became known about cryptocurrency fraudsters who spread a fake crypto scheme on Twitter under the guise of Elon Musk. The hackers took over the account of the American high-ranking Utah official Mike Winder, modified it to look like a prototype of Musk’s original Twitter account, and offered social media users to take part in the so-called «best cryptocurrency event.» By clicking on the link in the tweet, users endangered their cryptocurrency wallets.