Elon Musk has extended its offer to buy back Twitter for $54.20 per share. Tesla and SpaceX CEO Extended Offer in a letter filed with the US Securities and Exchange Commission.
The renewed offer is the latest twist in a continuing story involving the outspoken, eccentric billionaire and social media platform. The offer to be renewed comes with conditions. First, Musk had to get the loan in order for the deal to go through. Second, the letter says that the deal will only proceed if a Delaware court drops all legal proceedings related to Twitter’s lawsuit against Musk.
Social media site sue Musk, stated that he could not waive his commitment to acquire the company. The trial will begin later this month.
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In a statement sent to ZDNET via email, a Twitter spokesperson said the company received the letter.
“The Company’s intention is to close the trade at $54.20 per share,” the spokesperson said.
On Tuesday afternoon, Musk tweeted that “Buying Twitter is an accelerator for making X, the app of everything.” Musk has referenced the creation of the application “X” in the past.
Musk previously floated the idea of an X app as broad as WeChat, spanning from social networking to chat, video games, and payments.
Twitter has been in turmoil since April, when Musk first said he wants to buy social media platform. He lined up 46.5 billion dollars in finance to support its unsolicited bid, relying on loans and 33.5 billion dollars from its own capital. When the deal came to fruition, some of Twitter’s top executives were Push out of the company and others have resigned.
However, Musk quickly began to suggest that the deal was “keep“, complain on the number of fake accounts on the Twitter platform. Then, in July, Musk said that he withdraw from the agreement.
Twitter’s board quickly responded that it was ready to take legal action to ensure the deal closes at $54.20 per share. As promised, Twitter files lawsuit against Tesla CEO.
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Then last month, Twitter shareholders Officially approved Musk’s $44 billion takeover.
Meanwhile, Twitter’s former chief security officer, Peiter ‘Mudge’ Zatko, testified before a US Senate committee in September on security vulnerabilities of social media platforms. Earlier this year, Zatko file a complaint against the whistleblower Alleged that Twitter’s physical and digital security systems to protect user privacy and moderate content were severely flawed. Then Musk filed another letter with SEC argued that the deal should be terminated, arguing that Zatko’s $7.75 million subsidy package from Twitter violated the terms of the acquisition agreement.
Today – the day after Musk renewed his buyout offer – a judge agreed that Twitter may conduct an investigation to determine whether Zatko contacted Musk’s attorneys before the billionaire pulled out of the Twitter deal.
