Elon Musk.Photo: ANGELA WEISS/AFP via GettyMonths after trying to back out of purchasing Twitter, which spurred on a legal battle with the company,Elon Muskis offering to follow through with the deal.According to alettersent to Twitter’s legal team on Monday, the Tesla CEO agreed “to proceed” withthe April 25 transaction— worth $44 billion — if Twitter drops its lawsuit.The letter, filed with the U.S. Securities and Exchange Commission on Tuesday, also requests that Twitter provide receipts of the company’s debt financing in order to close the deal.The deal could be struck as soon as Friday,CNBCreported. If an agreement is reached, both parties would avoid a five-day trial, scheduled to begin later this month, according toThe Wall Street Journal.Bloomberg, which was the first to report on the news, previously reported that according to a source familiar with the matter, Musk made the move after his legal team sensed he would lose if the case ultimately went to trial.Musk’s attorneys did not immediately respond to PEOPLE’s request for comment.Twitter confirmed in astatementTuesday that it intends to move forward with the deal.“We received the letter from the Musk parties which they have filed with the SEC,” the company wrote. “The intention of the Company is to close the transaction at $54.20 per share.“The New York Timesreported that the company has yet to accept the proposal and plans to add conditions to try and help ensure the deal goes through smoothly.Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.On Tuesday, Muskresponded to the newswith a Tweet of his own that suggests his purchase of the company will lead to further innovation.“Buying Twitter is an accelerant to creating X, the everything app,” he wrote, teasing a new project.Less than three months after agreeing to purchase Twitter, Muskreneged on the deal. In July, Twitter filed its lawsuit to compel Musk to follow through.In their counterclaims, Musk’s legal team claimed that Twitter had a “scheme to mislead investorsabout the company’s prospects” and suggested the company “was miscounting the number of false and spam accounts on its platform.“Twitter Chairman Bret Taylor called the claims “factually inaccurate, legally insufficient, and commercially irrelevant” in a Tweet posted after the filing was submitted.
Elon Musk.Photo: ANGELA WEISS/AFP via Getty
Months after trying to back out of purchasing Twitter, which spurred on a legal battle with the company,Elon Muskis offering to follow through with the deal.According to alettersent to Twitter’s legal team on Monday, the Tesla CEO agreed “to proceed” withthe April 25 transaction— worth $44 billion — if Twitter drops its lawsuit.The letter, filed with the U.S. Securities and Exchange Commission on Tuesday, also requests that Twitter provide receipts of the company’s debt financing in order to close the deal.The deal could be struck as soon as Friday,CNBCreported. If an agreement is reached, both parties would avoid a five-day trial, scheduled to begin later this month, according toThe Wall Street Journal.Bloomberg, which was the first to report on the news, previously reported that according to a source familiar with the matter, Musk made the move after his legal team sensed he would lose if the case ultimately went to trial.Musk’s attorneys did not immediately respond to PEOPLE’s request for comment.Twitter confirmed in astatementTuesday that it intends to move forward with the deal.“We received the letter from the Musk parties which they have filed with the SEC,” the company wrote. “The intention of the Company is to close the transaction at $54.20 per share.“The New York Timesreported that the company has yet to accept the proposal and plans to add conditions to try and help ensure the deal goes through smoothly.Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.On Tuesday, Muskresponded to the newswith a Tweet of his own that suggests his purchase of the company will lead to further innovation.“Buying Twitter is an accelerant to creating X, the everything app,” he wrote, teasing a new project.Less than three months after agreeing to purchase Twitter, Muskreneged on the deal. In July, Twitter filed its lawsuit to compel Musk to follow through.In their counterclaims, Musk’s legal team claimed that Twitter had a “scheme to mislead investorsabout the company’s prospects” and suggested the company “was miscounting the number of false and spam accounts on its platform.“Twitter Chairman Bret Taylor called the claims “factually inaccurate, legally insufficient, and commercially irrelevant” in a Tweet posted after the filing was submitted.
Months after trying to back out of purchasing Twitter, which spurred on a legal battle with the company,Elon Muskis offering to follow through with the deal.
According to alettersent to Twitter’s legal team on Monday, the Tesla CEO agreed “to proceed” withthe April 25 transaction— worth $44 billion — if Twitter drops its lawsuit.
The letter, filed with the U.S. Securities and Exchange Commission on Tuesday, also requests that Twitter provide receipts of the company’s debt financing in order to close the deal.
The deal could be struck as soon as Friday,CNBCreported. If an agreement is reached, both parties would avoid a five-day trial, scheduled to begin later this month, according toThe Wall Street Journal.
Bloomberg, which was the first to report on the news, previously reported that according to a source familiar with the matter, Musk made the move after his legal team sensed he would lose if the case ultimately went to trial.
Musk’s attorneys did not immediately respond to PEOPLE’s request for comment.
Twitter confirmed in astatementTuesday that it intends to move forward with the deal.
“We received the letter from the Musk parties which they have filed with the SEC,” the company wrote. “The intention of the Company is to close the transaction at $54.20 per share.”
The New York Timesreported that the company has yet to accept the proposal and plans to add conditions to try and help ensure the deal goes through smoothly.
Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.
On Tuesday, Muskresponded to the newswith a Tweet of his own that suggests his purchase of the company will lead to further innovation.
“Buying Twitter is an accelerant to creating X, the everything app,” he wrote, teasing a new project.
Less than three months after agreeing to purchase Twitter, Muskreneged on the deal. In July, Twitter filed its lawsuit to compel Musk to follow through.
In their counterclaims, Musk’s legal team claimed that Twitter had a “scheme to mislead investorsabout the company’s prospects” and suggested the company “was miscounting the number of false and spam accounts on its platform.”
Twitter Chairman Bret Taylor called the claims “factually inaccurate, legally insufficient, and commercially irrelevant” in a Tweet posted after the filing was submitted.
source: people.com
