In a letter to Twitter, billionaire Elon Musk said he will repurchase Twitter on its original terms, delay settling the loan for the deal, and on condition that the Delaware Premier Court files suit against Mr. Musk’s first attempt. to withdraw. of the agreement and postpone an upcoming lawsuit in the dispute.
A Twitter spokesperson said in a statement to CNN that the company has received Musk’s letter and reiterated previous statements that “the company intends to close the transaction on $54.20 per share” promissory note.” Musk representatives responded. not immediately to a request for comment.
Billionaire Elon Musk. (Photo: AP)
The news of the above letter was first reported by Bloomberg on October 4. Twitter stock (TWTR) has been paused twice, the second time due to news waiting. After trading in the stock resumed, it rose more than 20%, hitting $51 a share and hitting its agreed-upon price for the first time in months.
However, according to Columbia Law School professor Eric Talley, Twitter will not suspend Musk’s proposed lawsuit until the settlement is formally closed. Twitter may want to continue the process during negotiations with Musk, in the event that his offer to complete the acquisition fails.
