Musk renews bid for Twitter as he looks to avoid trial

Quick Take

  • A letter filled with the U.S. Securities and Exchange Commission shows Elon Musk does still want to buy Twitter, after having changed his mind.
  • Meanwhile, the billionaire wants an immediate stay of the court proceedings in the Twitter vs. Musk suit.

Elon Musk wants to move forward with the acquisition of Twitter, documents filed Tuesday with the U.S. Securities and Exchange Commission (SEC) confirmed after earlier reports surfaced that the deal was back on.

However, that's only if the Delaware Chancery Court stays the Twitter vs. Musk case, according to a letter from Musk's lawyers.

"The Musk parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the action," the letter reads.

The social media company sued Musk in July for backing out of the agreement to buy Twitter for $44 billion. Now, Musk, the billionaire behind Tesla and SpaceX, wants to proceed with the terms of the deal first put forward on April 25. 

Twitter said that the intention now is for the deal to close at $54.20 per share.

"We received the letter from the Musk parties which they have filed with the SEC," the company said.


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.