On Tuesday, Twitter told U.S. regulators that it had received a letter from Elon Musk saying it would go ahead with an agreement it signed this year to acquire the platform for $44 billion.
Twitter confirmed in a tweet that “the company intends to close the deal at $54.20 per share.”
She pointed out that Musk may have decided to drop the legal battle to cancel the deal.
The terms mentioned in the letter included the court’s immediate termination of all proceedings against Musk, who was due to be heard under oath later this week.
In July, a Delaware judge agreed to expedite consideration of Twitter’s allegations that the company claims are hurting its bottom line.
Wedbush analyst Dan Ives said that Musk realized that his chances of winning in court were “highly unlikely and that this $44 billion deal would somehow be completed.”
Source: AP