by Natalia Mittelstadt
Tesla CEO Elon Musk is proposed to buy Twitter at the price he originally offered, according to letter from his attorneys to those representing the social media company.
The letter, obtained by NBC News, was date Monday and confirmed news reports early Tuesday that Musk had offered Monday evening to purchase Twitter at $54.20 per share, which amounts to $44 billion for the entire company.
The letter was filed Tuesday with the Securities and Exchange Commission, according to NBC.
In April, Musk had proposed to purchase Twitter for that amount before backing out in July due to the social media company refusing to disclose how many bot accounts were on its platform.
The New York Times reported that it is unclear whether Twitter will accept the offer, or consider it a negotiating tactic to end the big tech giant’s lawsuit against him. In July, Twitter sued Musk to force him to buy the company.
The letter from Musk’s lawyers appears to say their client will complete the deal if Twitter drops its suit.
Following the reports, Twitter’s shared spiked 12% before trading was halted, according to The Times.
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Natalia Mittelstadt graduated from Regent University with Bachelor of Arts degrees in Communication Studies and Government.
Photo “Elon Musk” by The Royal Society. CC BY-SA 3.0. Background Photo “Twitter Headquarters” by Troy Holden. CC BY-SA 3.0.