elon musk twitter
Twitter has accepted Elon Musk's proposal to buy the company for $44billion, with a deal expected to close within weeks.

A spokesman for the company told DailyMail.com on Tuesday afternoon: 'We received the letter from the Musk parties which they have filed with the SEC.

'The intention of the Company is to close the transaction at $54.20 per share.'

Regulatory filings on Tuesday revealed that Musk's attorneys sent Twitter a letter confirming that he planned to buy the company at the original price he proposed - $44billion.

It was a surprising U-turn from the bombastic billionaire, but was prompted by his fear that he'd end up being ordered to buy the company anyway in court.

Musk had been trying to back out of the Twitter deal, claiming the company was hiding how many spam accounts were active on the site. Twitter took him to court to try to force the takeover through.

The judge, Chancellor Kathaleen McCormick, recently rejected Musk's request to delay proceedings. Sources cited by Bloomberg on Tuesday said he feared she would end up siding with Twitter in the matter and force him to buy the company after a highly public, potentially embarrassing trial.

Musk's new offer to complete the deal is contingent on Twitter halting its lawsuit to force the transaction. Now, with a deal nearing close, Twitter's share price is soaring.

Trading was halted at 12.10pm on Tuesday after the shares jumped 13 percent to $47.93, and the stock closed at $52, an increase of 22 percent on the day.
Twitter stock

Trading was halted at 12.10pm on Tuesday after the shares jumped 13 percent to $47.93, and the stock closed at $52, an increase of 22 percent on the day
Texts between Musk and his famous friends about the deal were already made public in the court docket.

Musk had been scheduled to be deposed by Twitter's attorneys starting on Thursday, which would have forced him to answer potentially embarrassing questions under oath.

'This is a clear sign that Musk recognized heading into Delaware Court that the chances of winning vs. Twitter board was highly unlikely and this $44 billion deal was going to be completed one way or another,' wrote Wedbush analyst Dan Ives in a note.

'Being forced to do the deal after a long and ugly court battle in Delaware was not an ideal scenario and instead accepting this path and moving forward with the deal will save a massive legal headache,' he added.

Now, Musk is expected to own the company within a matter of weeks, if not days.

Musk acknowledged his abrupt reversal and agreement to buy Twitter in a tweet suggesting that he is now eager to complete the transaction.

'Buying Twitter is an accelerant to creating X, the everything app,' Musk tweeted on Tuesday night, hours after he offered to complete the buyout at the originally agreed price of $44 million.

Twitter CEO Parag Agrawal has written anything about the deal on Twitter, where many developments in the dispute have been aired.

Many of Musk's tweets in the past 24 hours have been about a divisive proposal to end Russia´s invasion of Ukraine, drawing the ire of Ukrainian President Volodymyr Zelenskyy.

Once in charge of Twitter, Musk plans to make changes to enhance freedom of speech.

Among them is adding an 'edit' button to tweets.

He also wants to stamp out fake accounts and bots which he says dilutes the experience and he wants to abolish permanently banning users.

Former CEO Jack Dorsey - who banned Trump in January 2021 during the Capitol riot - agrees with the latter.

He also wants an open source algorithm, which would expose how the website decides what appears on users' feeds.

It is given the name 'Open Source Algorithm' and would work to restore faith in the town-square mentality that inspired the site in the first place.

Musk has also indicated that he'll add the option for long-form tweets that exceed the current limit of 280 characters.

Trading of Twitter shares was halted on Tuesday as news of his offer emerged and drove the company's share price up by 13 percent.

Musk's original offer in April was to buy the company for $44billion - 38 percent more than what the market said it was worth at the time.

But after months of back and forth, he tried to back out of the deal in July, citing Twitter's apparent refusal to hand over enough information about how many spam and bot accounts were active on the site.

Twitter sued him for attempting to back out and the two sides were due to fight it out at a civil trial in just a few weeks.

Tuesday's new proposal signals an end to that dispute, though it's unclear what prompted Musk to change his mind.

However, Twitter may push to keep the October 17 trial date on the court's calendar until the buyout actually closes.

'I don´t think Twitter will give up its trial date on just Musk´s word - it´s going to need more certainty about closing,' Andrew Jennings, professor at Brooklyn Law School, told the AP.

Jennings noting that the company may be worried about Musk's proposal being a delay tactic, after the billionaire already twice tried unsuccessfully to postpone the trial.

He now is likely to own the company within days, sources cited by CNBC said.

It comes within days of super agent Ari Emanuel, one of Musk's friends, urging Twitter to come to a settlement with him ahead of the court date.

Hollywood titan Emanuel recently contacted Egon Durban, a member of Twitter's board, urging him to end the dispute.

Emanuel is friends with both Musk and Durban, who sits on the board of his company, Endeavor.

Musk's retreat from the court battle signals a surprising end to the months-long saga.

In April, Musk announced that he was Twitter's largest shareholder, owning 9.2 percent of the company.

He then proposed buying he company, speaking publicly about how tired he'd become with its bias and its squashing of free speech.

Months of toeing and froing ensued and Twitter employees were driven into a meltdown at the thought of unpredictable Musk becoming their new boss.
Jack Dorsey texts, Twitter, Elon Musk deal

Leaked texts revealed how Jack Dorsey, Twitter's former CEO, backed Musk's idea. He said: 'A new platform is needed. It can't be a company. This is why I left.'
Jack Dorsey, Parag Agrawal, texts, Twitter

Texts from April 9 (above) reveal a fallout between Musk and Agrawal. Musk had offered suggestions on how to improve the website and seemed eager to join the board. When he was ignored, he said he was going to offer to take the company private and that trying to improve it was a 'waste of time'.
In July, the Tesla billionaire however announced that he wanted to back out of the deal. He said he'd demanded to be shown how many bot accounts were active on the site, and that Twitter had refused.

Twitter then sued him, claiming he couldn't back out of the deal so suddenly and accusing him of general, reckless mischief.

'From the outset, defendants' information requests were designed to try to tank the deal.

'Musk's increasingly outlandish requests reflect not a genuine examination of Twitter's processes but a litigation-driven campaign to try to create a record of noncooperation on Twitter's part,' the company's attorneys said in a filing in July.

Elon Musk, Twitter, Starlink

He has not commented publicly about the new offer. Instead, he tweeted about his internet satellites not making money on Tuesday and asked his followers for 'support'
Both sides were due to go to trial in Delaware on October 17.

Musk's chaotic takeover attempt happened six months after Twitter's long-serving CEO Jack Dorsey announced he was stepping down.

He was replaced by Parag Agrawal.

At first, Musk was invited onto the board of the current, publicly-listed Twitter.

He exchanged friendly text messages with Agrawal and seemed eager to improve the site.

But when his suggestions were ignored, he went nuclear - threatening to buy Twitter and take it private to enact the changes he believes the site needs.

'This is a waste of time,' he fumed at Agrawal in a text in April before he tweeted about the site.

The texts were revealed in court filings last week, along with others by former Twitter CEO Jack Dorsey, who was enthusiastic about Musk joining the board.

'I'm not joining the board, this is a waste of time,' Musk told Agrawal on April 9th.