Elon Musk

Elon Musk Plans to Buy Twitter at $54.20 per Share, Documents Filed with SEC Show

Elon Musk Plans to Buy Twitter at $54.20 per Share, Documents Filed with SEC Show

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Elon Musk is buying Twitter for $54.20 per share. Confirmation of the deal plan, worth $44 billion, is confirmed in documents filed with the US SEC.

Earlier on October 4, there were rumors that Elon Musk had renewed the deal to buy Twitter, which caused a sharp increase in the shares of the social platform. Before trading was paused, they rose almost 13% to $47.93 per share. Now there is official confirmation, because Musk has filed documents with the US Securities and Exchange Commission (SEC). He offered to stick with the original deal in a letter sent to Twitter, the documents showed.

The statement said he would complete the deal on the condition that he obtains the necessary debt financing and on the condition that the Delaware Chancery, where the lawsuit was to take place, dismisses the lawsuit filed by Twitter. In a letter from Musk's lawyers, he said: “Musk Parties intend to proceed to closing of the transaction...and adjourn the trial and all other proceedings.”

The takeover deal was approved by Twitter shareholders last month.

In response to Musk's letter, Twitter said, “We received the letter from the Musk parties which they have filed with the SEC. The intention of the company is to close the transaction at $54.20 per share,” according to Sky News.

© 2022, Eva Fox | Tesmanian. All rights reserved.


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Article edited by @SmokeyShorts; follow him on Twitter

About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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