Tesla CEO Elon Musk’s proposed $44 billion acquisition of Twitter appears to be on track, as the billionaire has filed to complete the transaction. Musk’s lawyers confirmed in a court filing on Tuesday that they were ready to complete the deal that was thought to be over a few days ago.
Bloomberg reported on Tuesday that Musk was ready to complete the takeover at the original price of $54.20 per share, which was confirmed by court filings.
Twitter confirmed receiving Musk’s latest offer
The announcement also came just days before the trial over the deal’s non-completion was set to begin on October 17, with most predicting a loss for Musk and his lawyers.
“We write to notify you that the Musk Parties intend to proceed to closing of the transaction,” read the filings by Musk’s lawyers with the Delaware Chancery court which was overseeing the trial.
Twitter confirmed receiving Musk’s latest offer and stated “The intention of the company is to close the transaction that was agreed upon during the original deal”.
Previously, Musk decided not to proceed with the takeover
Following the announcement, the Twitter stock rose 6.7% before trading was halted. When trading resumed, it increased by nearly 12%, forcing trading to be halted once more.
Previously, Musk decided not to proceed with the takeover, citing the fact that Twitter had more than 20% fake users. The social media company denied all of Musk’s allegations and estimated that the number of fake users on the platform was around 5%.