The outspoken Tesla CEO tweeted that buying Twitter will push him to finally create X, a website Musk repurchased back in 2017 for sentimental reasons. At any rate, he sent a letter to Twitter advising the company that he'd now like to buy Twitter at the original price he offered before all the recent mess.
Yes, that's right. Musk offered $54.20 per share ($44 billion) to buy Twitter. The economy and stock market took a huge hit. He changed his mind, blaming the whole bot situation, which was one of the main reasons he wanted to buy Twitter in the first place (to get rid of the bots and spam accounts). As the court case surrounding the nonsense is getting fired up, Musk has reassessed the situation again.
The story first came from sources familiar with the matter, though at this point, Musk has tweeted related to the news, and the letter from Musk to Twitter is circulating around social media.
Musk holds "x.com," which is currently blank. He noted when he repurchased it in 2017 that he didn't have any plans for it at the time, so we'll have to wait and see what becomes of the site. As part of the original plan, Twitter was to merge with "X holdings" by October 24, 2022.
While the story is continuing to develop, all sources point to the Musk-Twitter deal going forward. Below is a sampling of the letter the CEO sent to the folks at Twitter, as shared by Teslarati:
On behalf of X Holdings I, Inc., X Holdings II, Inc. and Elon R. Musk (the “Musk Parties”), we write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby, provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al. (C.A. No. 202-0613-KSJM) (the “Action”) and adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court.”
Musk also filed a related form 13-D with the SEC. It basically recounts the earlier letter and purchase proposal, along with the Twitter merger agreement with Musk's "X holdings." At this point, it seems Musk could actually own Twitter in the coming days, though it will likely take a bit of time to get all the paperwork sorted out.
Twitter already issued a statement saying it got Musk's letter. The company shared: “The intention of the Company is to close the transaction at $54.20 per share.”
Twitter share trading was paused when reports surfaced that Musk now plans to buy Twitter all over again. After reopening, Twitter shares are up 22 percent on the news that Musk is, once again, aiming to buy the social media network. This is a developing story. As more details become available, we'll update this article or provide another.