Elon Musk agrees to buy Twitter for $44 Billion

Tesla CEO Elon Musk has agreed to go ahead with his $44 billion deal to buy Twitter, under a modified regulatory filing made by the social media company on Tuesday.

Twitter shares soared on the news, rising more than 12.7% before stalling on volatility. The stock continued to rise when it resumed trading at approximately 3:30 pm EST, ending the day up 22%.

Musk confidentially filed a letter in Delaware Chancery Court early Tuesday seeking to proceed with the deal on its original terms. The change in attitude comes just days before lawyers for Twitter deposed Musk in the company’s lawsuit seeking to force Tesla’s CEO to buy the company.

NEW YORK (AP) — Elon Musk averts trial, agrees to $44 billion acquisition of Twitter.

— Seung Min Kim (@seungminkim) October 4, 2022

In his presentation of values, Twitter posted Musk’s letter which said that he, the social network and Musk’s holding companies created to facilitate the merger “intend to proceed to the closing of the transaction” originally dated back to April 25, 2022.

In the letter, Musk agreed to continue with the original deal as long as he received the funding he originally obtained, and as long as the court stays Twitter’s case against him. The Tesla CEO did not admit any liability.

“We received the letter from the Musk parties who filed with the SEC,” a Twitter spokesperson said. “The intention of the company is to close the transaction at 54.20 dollars per share”.