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Reuters

Billionaire Elon Musk is proposing to go ahead with his original offer of US$44 billion to take Twitter Inc private, two sources familiar with the matter said on Tuesday, signalling an end to a bitter legal battle that was about to go to trial.
An agreement would put the world’s richest person in charge of one of the most influential media platforms and end months of turbulent litigation that damaged Twitter’s brand and fed Musk’s reputation for erratic behaviour.
Musk, the chief executive of electric car maker Tesla Inc, will take over a company he originally committed to buying in April, but soon soured on.
Twitter shares jumped 12.7 per cent to US$47.93 before trading was halted for the second time.

*MUSK SAID TO PROPOSE TO TWITTER TO PROCEED W/ DEAL AT $54.20$TWTR shares just spiked and now are halted pic.twitter.com/cF6k1SfF1r
— Kailey Leinz (@kaileyleinz) October 4, 2022

Bloomberg reported the move earlier, saying Musk made the proposal in a letter to Twitter. It cited people who asked not to be identified discussing confidential information.
Twitter and Musk’s lawyers were not immediately available for requests for comment from Reuters. It could not immediately be ascertained why Musk chose to abandon his fight with Twitter.
The news comes ahead of a highly anticipated face-off between Musk and Twitter in Delaware’s Court of Chancery on October 17, in which the social media company was set to seek an order directing Musk to close the deal at US$54.20 per share, or US$44 billion for the entire company.
Musk agreed in April to buy Twitter for US$44 billion, but within weeks said the number of bot accounts was much higher than Twitter’s estimate of less than 5% of users. Bots are automated accounts, and their use can lead to overestimations of how many humans are on the service, which is important for advertising rates and the overall value of the service.
Judge denies Musk’s request to delay Twitter trial, allows whistle-blower claims
Musk, one of Twitter’s most prominent users, claimed in July he could walk away from the deal because Twitter misled him about the number of real users and the security of user data.
Twitter’s legal team on September 27 said that documents obtained from two data scientists employed by Musk showed they estimated the number of fake accounts on the platform at 5.3 per cent and 11 per cent.
“None of these analyses so far as we can tell remotely supported what Mr Musk told Twitter and told the world in the termination letter,” Twitter lawyer Bradley Wilson told the court.
Musk’s reversal “is a clear sign that Musk recognised heading into Delaware Court that the chances of winning vs. Twitter board was highly unlikely and this US$44 billion deal was going to be completed one way or another,” Wedbush analyst Dan Ives wrote in a note after the news.

Ukraine-Russia Peace:

- Redo elections of annexed regions under UN supervision. Russia leaves if that is will of the people.

- Crimea formally part of Russia, as it has been since 1783 (until Khrushchev’s mistake).

- Water supply to Crimea assured.

- Ukraine remains neutral.
— Elon Musk (@elonmusk) October 3, 2022

Twitter employees, caught by surprise in the middle of meetings on Tuesday, expressed disbelief in tweets.
“I am sitting on 2023 company wide strategy readouts and I guess we are going to collectively ignore what’s going on,” wrote Rumman Chowdhury, Twitter’s director of machine learning ethics, transparency and accountability.
A settlement between the two sides would revive fears among Twitter’s users about Musk’s plans for the platform, which has removed prominent politically conservative voices. Supporters of Donald Trump hope that Musk will reactivate the account of the former US president, who was banned after the January 6, 2021, attack on the US Capitol by his supporters.
A renewed commitment to the deal would give Musk, already one of the world’s most prominent and outspoken entrepreneurs, a megaphone for his views. He has used Twitter to stir controversy, including on Monday when he floated a peace plan for the Ukraine-Russia war that drew swift condemnation from Ukraine’s president, Volodymyr Zelensky.
Elon Musk trashes Amazon’s new The Lord of the Rings show
Text messages that came to light during the litigation showed that Musk planned to battle spam by verifying accounts, wanted to shift Twitter away from advertising toward subscriptions and to adopt services such as money transfers.
A settlement at the original price would also allow Musk to finance the transaction without any complications. As per the terms of the deal, the banks and co-investors on the transaction are committed to back the deal on the original terms, but if Musk and Twitter had renegotiated the price, it would have technically allowed the backers to walk away.
Musk has already sold US$15.4 billion worth of Tesla shares since agreeing to buy Twitter. He has said he does not plan to sell any more of his stake in Tesla, but some analysts expect him to sell down his stake further to fund the Twitter deal.
Since Twitter has already received shareholder support for the sale to Musk, the deal could close quickly in the coming weeks if the two sides were to settle on the original terms. In June, Twitter said the waiting period for antitrust clearance had expired, indicating that the deal could go forward.


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Elon Musk plans to go ahead with US$44 billion Twitter buy-out after trying to back out

Elon Musk, the world’s richest man. Photo: AFP

Elon Musk incurs Ukraine’s wrath by tweeting his Russia peace plan

Tech billionaire Elon Musk has provided Starlink dishes to Ukraine, a network that has proved crucial in supporting infrastructure across the country as it counters disinformation from Russia. Photo: TNS

Elon Musk partners with Florida’s governor to provide satellites in areas struck by Hurricane Ian

A National Oceanic and Atmospheric Administration (NOAA) satellite image shows lightning surrounding Hurricane Ian’s eye while approaching Florida on September 28. Photo: AFP / NOAA / RAMMB

SpaceX CEO Elon Musk. Photo: Reuters

A member of a search and rescue team confirms the discovery of a body after searching the rubble on a property in Fort Myers Beach, Florida on Saturday. Photo: Pedro Portal

Judge denies Tesla CEO Elon Musk’s request to delay Twitter trial, but will allow use of whistle-blower claims

Elon Musk will be able to include new evidence from a Twitter whistleblower as he fights to get out of his US $44 billion deal to buy the social media company, but Musk won’t be able to delay a high-stakes October trial over the dispute, a judge ruled on Wednesday. Photo: Pool via AP

Elon Musk will be able to include new evidence from a Twitter whistleblower as he fights to get out of his US$44 billion deal to buy the social media company, but Musk won’t be able to delay a high-stakes October trial over the dispute, a judge ruled on Wednesday. Photo: AFP

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Tech billionaire Elon Musk offered to push through with his buyout of Twitter at the original agreed price
The latest twist came just two weeks before the start of a bitter court case over Musk’s efforts to withdraw from the deal



News that the Tesla CEO wants to proceed with his original offer sent the social media giant’s shares surging before trading was halted.
