Billionaire and Tesla CEO Elon Musk has agreed to proceed with his 44 billion dollar takeover of Twitter
In a letter to the social media giant, Musk says he will pay the price he agreed to months ago before he tried to backflip on the deal.
This announcement comes just weeks before the two parties were due to appear in court, with Twitter execs furious over Musk’s attempt to walk away.
Musk says he intends to move ahead with the deal and, pending financing, has requested the legal fight is brought to a halt.
Twitter shares have shot through the roof off the back of this news, soaring 22 per cent before trading was paused.
In April, Musk agreed to buy the social media giant for $54.20 a share, which brings the total price to roughly 44 billion.
Taking to Twitter at the time to announce his intentions, he said he wanted to clean up the platform and champion free speech.
But of course just a few weeks later, he bailed, leaving Twitter in the lurch.
Musk claimed the network had a whole lot more fake accounts than execs were leading on… hence his decision to back away.
Twitter staunchly denied these claims and commenced legal proceedings.
But here we are back at square one and for now at least, it seems like the deal is going to happen.
