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27 november, 2022
A securities filing showed that Elon Musk is proposing to go ahead with his original offer of $44 billion to take Twitter private. In this way, Musk is signaling an end to a legal battle.
In July Musk pulled off the deal citing Twitter's false fake accounts statistics as the primary reason. You can read the full timeline of the deal in our article.
The news comes ahead of a highly anticipated trial between Musk and Twitter in Delaware's Court of Chancery on Oct. 17, after which Musk may have been forced to close the deal.
Musk sent Twitter a letter on Monday that said he intended to proceed with the deal on the original terms if the Delaware judge agrees to “enter an immediate stay” of the case “and adjourn the trial and all other” related proceedings.
It is not yet clear why Musk chose to abandon his fight. According to The Washington Post's insider, Twitter leaders are still questioning whether the letter represents a legal maneuver, as there is a lot of distrust between the parties.
According to legal experts, Musk may have realized he’s in a weaker position than he wanted to be going into trial.
Musk is finally listening to his lawyers. He would be a fool to not at least try to buy the company now and avoid being deposed,
Anat Alon-Beck, a business law professor at Case Western Reserve University told The Washington Post.
Twitter will likely insist on broader protections from a court in Delaware, where its suit was filed, to ensure that Musk follows through with his plan.
25 november, 2022