Billionaire Elon Musk appears to have changed his mind about buying Twitter yet again and is now ready to proceed with his acquisition of the social media platform.
In a letter to the firm, Musk agreed to pay the price he offered months ago before trying to quit the deal.
The unexpected reversal occurred just a few weeks prior to the two sides’ scheduled court appearance.
Twitter, which had sued Tesla’s CEO to force the takeover to proceed, was thought to have a stronger case.
In the letter, Mr. Musk’s attorneys stated that he intended to proceed with the transaction in the event that financing could be obtained and the legal dispute was resolved.
Twitter confirmed that it had received the proposal and stated that it intended to close the deal at the $54.20 per share price that Elon Musk had promised in April.
Twitter’s shares increased by more than 20% to more than $52 per share following the apparent victory. However, the value remained below the takeover price, a sign of persistent investor skepticism about the deal’s viability.
Later on Tuesday, Musk wrote in a tweet: “Buying Twitter is an accelerant to creating X, the everything app”.
Some industry observers, who were caught off guard by the news, questioned whether the most recent twist represented a real offer or was simply a delaying tactic.
