Twitter will be bought once again by Elon Musk, this time for real

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  • Elon Musk declared in April that he was purchasing Twitter for $54.20 per share in cash, which would end up costing him around $44 billion in total. But soon, regret over the purchase set in. After months of legal wrangling (and, presumably, millions more spent on attorneys), Musk is once again going to buy Twitter for—wait for it—$54.20 per share. He tried to pull out of the contract, and Twitter tried to keep him in.

Twitter announced that it had “received the letter from the Musk parties which they have submitted with the SEC” and that it intended to “complete the transaction at $54.20 per share.” This statement served as confirmation of the revived deal.

With regard to the news of the day, Twitter said as follows: We got the letter that the Musk parties had submitted to the SEC. The Company intends to consummate the deal at $54.20 per share. April 4, 2022

Musk “intends to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby.” The only need is that the Musk v. Twitter litigation be promptly stayed and postponed by the courts.

On October 3, Musk’s attorneys sent Twitter a letter with similar terms and a statement that if the litigation with Twitter is not dropped or is unsuccessful, it will “not accept liability and Offer is made without waiver or prejudice of rights.” We will not consent to resuming operations under any circumstances.

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