Elon Musk has proposed completing a $44 billion takeover of Twitter.
Tesla’s CEO – who is the world’s richest man – has confirmed through his legal team that he is ready to complete the acquisition of the micro-cabin platform after months of legal wrangling.
A notice filed by Musk’s lawyers in Delaware Chancery Court on Tuesday (10/04/22) reads: “We are writing to inform you that the Musk parties intend to proceed with the closing of the transaction.”
Twitter also confirmed its intention to close the deal.
The company said in a statement: “We received a letter from Musk’s parties that they sent to the SEC. The company’s intention is to close the transaction at a price of $54.20 per share. (sic)”
Musk, 51, made a takeover bid for Twitter in April.
However, it later tried to back out of the deal amid concerns that Twitter had miscalculated the number of spam or bot accounts on the platform.
In fact, Musk was scheduled to face the company in court on October 17, and many experts believe he is unlikely to win the case.
Meanwhile, the Tesla boss previously outlined his long-term vision for the social media platform.
He said: “If I owned Twitter, it would be aimed at the middle 80 per cent of the population, so technically the far left and far right would probably be unhappy.”
Musk also said he would support Donald Trump’s return to Twitter.
The former US president was banned from using the platform in early 2021, but Musk has suggested he will reverse the decision if his takeover gets the green light.
He wrote: “Even though I think a less divisive candidate would be better in 2024, I still think Trump needs to be put back on Twitter.”