Security filings made public on Tuesday indicated that Elon Musk wants to move forward with his initial $44 billion proposal to purchase Twitter, requesting that the social media company drop a lawsuit that could have compelled him to pay up regardless of whether or not he wanted to.
Late on Tuesday, he stated that purchasing Twitter will advance his goal of developing the “X” app, a “everything app.”
The social network business was planning to go to Delaware’s Court of Chancery on October 17 to request an order directing Musk to conclude the deal for $44 billion, so the timing of the latest offer is perfect.
Musk’s decision to give up the fight was not immediately evident, while some speculated that it had something to do with his upcoming deposition.
Twitter acknowledged receiving Musk’s letter and expected to complete the transaction at the original amount. However, Twitter did not confirm or deny whether it had accepted Musk’s offer.
Musk added that he would only make the offer if the legal action against him was halted.
In addition, Musk could easily finance the deal with a settlement at the original price.
Since agreeing to purchase Twitter, Musk has already sold shares of Tesla valued at $15.4 billion.
Banks like Morgan Stanley, Bank of America, Mitsubishi UFJ Financial Group, and Barclays Plc have also committed to providing Musk with a $12.5 billion margin loan to fund his purchase of Twitter.
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