Louise Bernard with AFP
After offering to buy Twitter in April, then retracting with a bang in July, Elon Musk once again created a surprise by deciding to finally honor his initial offer. This unexpected turnaround was communicated through a letter to Twitter executives. The leader of Tesla would be ready to pay 44 billion dollars to acquire the social network.
Elon Musk has changed his mind again. The boss of Tesla finally offered Twitter to buy the social network at the agreed price in April, two weeks before the trial scheduled between the two parties on this eventful acquisition.
One-condition redemption
The contractor “intends to conclude the transaction envisaged by the repurchase agreement of April 25, 2022”, according to the terms provided, wrote its lawyers in a letter addressed to the Californian group on Monday, and filed Tuesday, October 4 with the American stock market policeman, the SEC.
The only condition expressed in the letter: the end of the legal proceedings in progress before the specialized court of Delaware. Elon Musk had offered in the spring to acquire the platform for 54.20 dollars per share, thus valuing it at 44 billion dollars. The board of directors, at first very reluctant, ended up accepting, but the richest man in the world unilaterally returned to this agreement in July. Twitter had then launched lawsuits to force him to honor his commitment, and everything indicated that he was well positioned to win.
Twitter takes more than 22% on the New York Stock Exchange
On Tuesday, the group confirmed in a brief statement “to have received the letter” and to have the intention “to conclude this transaction” at the defined price. The title of Twitter took more than 22% on the New York Stock Exchange, after being suspended all afternoon “pending information”, after an article by the American news agency Bloomberg which revealed this rebound .