The Morning After: Twitter says it’s closing deal with Elon Musk again


Twitter approved – Again Elon Musk’s proposal to buy the company for $54.20 per share. In a statement, Twitter confirmed that it had received Musk’s letter that “the company’s intent is to close the transaction at $54.20 per share.” The agreement comes after months of legal drama after Musk tried to renege on his original agreement this spring to buy the company for $44 billion.

Both sides are due to stand trial later this month. But Musk abruptly reversed course on Tuesday, telling Twitter he would go ahead with the original terms of the deal. In the letter filed with the Securities and Exchange Commission, Musk’s lawyers say they will go ahead with the agreement struck in April if the Delaware court “defers the trial and all other actions related to” the ongoing lawsuit.

It is not yet clear when the acquisition could actually be closed. Twitter shareholders have already voted to approve the deal, but both sides now need to wait for a response from Delaware Chancery Court. Next question: What will Mask do with Twitter?

– Matt Smith

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