Elon Musk renews his bid for Twitter in order to avoid prosecution

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Last Updated on October 5, 2022 by Bitfinsider

Elon Musk intends to proceed with the acquisition of Twitter, according to documents filed Tuesday with the US Securities and Exchange Commission (SEC), following earlier reports that the deal was back on.

However, according to a letter from Musk’s lawyers, that is only if the Delaware Chancery Court stays the Twitter vs. Musk case.

“The Musk parties provide this notice without admitting liability and without waiving or prejudice to any of their rights, including their right to assert the defences and counterclaims pending in the action,” according to the letter.

In July, the social media company sued Musk for breaching the agreement to buy Twitter for $44 billion. Musk, the billionaire behind Tesla and SpaceX, now wants to proceed with the terms of the April 25 agreement.

Twitter stated that the transaction will now close at $54.20 per share.

The company stated, “We received the letter from the Musk parties, which they have filed with the SEC.”

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