Web Desk (LTN NEWS): Musk’s lawyer, Mike Ringler, sent a letter to Twitter saying that the billionaire plans to buy the company for $54.20 per share, which was the original offer price. Musk tried to back out of the $44 billion deal, so Twitter sued the billionaire in July to make him keep the deal.
The move came as a surprise, but it could mean that Twitter and Musk are getting closer to settling their legal dispute. If the deal goes through, it could also help Twitter and Musk avoid a messy five-day trial that is set to start on October 17 in the Delaware Chancery Court.
Musk’s reluctance to buy Twitter has made it hard to predict what will happen to the social network in the future. Musk has talked about a number of changes he wants to make to Twitter, such as putting an end to cryptocurrency scams and changing how the company moderates content.
But Twitter employees and advocacy groups are worried that the changes he’ll make will hurt users who are dealing with harassment and hate speech on the platform. Musk has also said in public that he would lift the ban on former US President Donald Trump’s account. After the deadly Capitol Hill riot on January 6, Twitter and other social networks told Trump he couldn’t use their sites because he might start a fight.
Twitter’s spokesman, Brenden Lee, said that the letter from Musk’s lawyers had been sent to the company.
In a statement, Lee said, “The Company plans to close the deal at $54.20 per share.” Ringler didn’t answer right away when asked for a comment.
Bloomberg was the first to report on the plan. It said that Musk’s lawyers thought the case wasn’t going well based on the rulings before the trial.
A person who knows about the talks told the Washington Post that Twitter is thinking about Musk’s proposal and doesn’t plan to do anything for at least another day. Since Musk has changed his mind more than once, Twitter and the billionaire have grown to not trust each other.
In April, Musk agreed to buy Twitter for $54.20 per share, but in July, he tried to get out of the deal. Twitter then sued Musk, saying in a lawsuit that the CEO of Tesla and SpaceX no longer wanted to buy the social network because his own wealth had gone down.
Musk, on the other hand, said that Twitter lied or left out information, like how many fake and spam accounts are on its platform.
Twitter’s fight with Musk has taken many turns that no one saw coming. Pieter “Mudge” Zatko, who used to be Twitter’s head of security, filed a whistleblower complaint against the social media company.
He said that Twitter put making more money ahead of user security. In the whistleblower complaint, Zatko also said that Twitter lied to Musk about how many spam bots were on its platform. Twitter responded to the claims by saying that they were “riddled with inconsistencies and falsehoods and [lacked] important context.”
In a tweet on Tuesday, Musk said, “Buying Twitter is a step toward making X, the app for everything.”
What Musk means by an “everything app” is not clear. In August, a Twitter user asked Musk if he had ever thought about making his own social media site if the deal with Twitter didn’t go through. In a tweet, Musk replied, “X.com.”
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