As of yesterday, Tesla CEO Elon Musk has agreed to move forward with his $44 billion deal to buy social media app Twitter.
After the news was announced, shares of Twitter surged and rose to more than 12.7% before being stopped due to volatility. The stock continued to climb when it resumed trading and ended the day up 22%.
Musk initially agreed to buy Twitter in April but soon pulled out of the deal on July 8 when he claimed that Twitter wasn’t providing enough information about the number of fake accounts/bots on the platform. Twitter filed a lawsuit against him just four days later.
Musk filed a letter in Delaware Chancery Court earlier on Tuesday, seeking to proceed with the deal on its original terms. Musk did this just days before he was scheduled to be deposed by Twitter’s lawyers in the company’s lawsuit which seeks to force him to buy the company.
“In its securities filing, Twitter posted Musk’s letter saying that he, the social network, and Musk’s holding companies created to facilitate the merger ‘intend to proceed to closing of the transaction’ originally reached back on April 25, 2022,” according to Yahoo Finance.
Musk hasn’t admitted any liability, and has agreed to go through with the original deal if he received the financing he originally secured, and only as long as the court adjourns Twitter’s case against him.