Trusted Reviews is supported by its audience. If you purchase through links on our site, we may earn a commission.Learn more.
Elon Musk renews bid to buy Twitter [Update: Twitter confirms sale will go ahead]
In This Article
UPDATE: Twitter has confirmed it intends to close the deal to sell the company to Elon Musk for the agreed price of $54.20 per share.
In a tweet from the Twitter Investor Relations account, the company acknowledged the letter from music, which was also sent to the SEC in the United States.
Twitter issued this statement about today’s news: 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.
Original story continues below…
Elon Musk’s protracted,proposed Twitter takeovermay be back on, according to a report from Bloomberg News on Tuesday.
According toa sourceof the business-centric publication, Musk wrote to Twitter offering to purchase the company for the price of $54.20 per share.
That’s the same price he proposed and agreed with Twitter shareholders earlier this year, before backing out of the deal valued at $44 billion overall. Twitter shares shot up as high 18% upon the publication of the report before trading was briefly halted.
The reported move from Musk comes amid a pending legal trial Musk is facing forwithdrawing from the deal. Musk had claimed Twitter hadmisrepresented the number of botscompared with real users of the platform, causing the social network to sue the Tesla CEO in order to enforce the deal.
In July, Twitter said that Musk had acted in “bad faith” and accused him of buyer’s remorse once the US stock market had started a downturn this summer. That trial was due to commence on October 17.
Given shareholders have already approved the deal and are suing to ensure the original agreement is honoured, the reported new offer from Musk could see the legal action go away, and the deal go through.
However, given the previous back and forth over the matter, and Musk’s often erratic statements, it would be naive to assume anything at this point. We’ll be following developments closely, but at the time of writing neither Twitter nor Musk had commented on the report of a renewed offer to take over the social network.
Musk has been vocal about his desire for Twitter to become a free speech haven andthetown square on the internet where discussion and ideas can be expressed liberally. Bans, under Elon Musk, would become a last resort.
You might like…
Chris Smith is a freelance technology journalist for a host of UK tech publications, including Trusted Reviews. He’s based in South Florida, USA. …
Founded in 2003, Trusted Reviews exists to give our readers thorough, unbiased and independent advice on what to buy.
Today, we have millions of users a month from around the world, and assess more than 1,000 products a year.
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
Why trust our journalism?
Founded in 2003, Trusted Reviews exists to give our readers thorough, unbiased and independent advice on what to buy.
Today, we have millions of users a month from around the world, and assess more than 1,000 products a year.
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
