- Twitter (TWTR, $51.30) confirmed that Elon Musk has finally agreed to acquire the company at its original deal of $54.20 per share—the same deal he made several attempts to exit — while he battles his legal case with Twitter who sued Musk in July as he backed out from the $44B deal.
- Earlier this week, Elon Musk sent a letter to Twitter informing them of his plans to buy the company in exchange for ending the dropping the against him and and adjourn the trial scheduled to start on Oct17. News of the annoucment sent Twitter's shares up 22%. However nothing is set in stone, and to prevent another similar decision by Musk, Twitter may add conditions this time and demand interest on the original deal for the delays in completing the acquisition.
Why it matters
If the deal goes through, it will put an end to a long-running legal battle between Elon Musk and Twitter. But Twitter’s new owner could face challenges since the company’s financials are not as strong as they should be, given rising competition and inflation.
