After temporarily backing out of his initial agreement, Elon Musk is finally purchasing the social media company Twitter in a $44 billion deal.
Musk’s representatives wrote a letter that the billionaire intends to proceed with the buy, which was filed via the Securities and Exchange Commission (SEC).
“We write to notify you that the Musk Parties intend to proceed to close of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein,” according to the notice.
Twitter and Musk were planning to go to court over the deal, with the CEO of SpaceX and Tesla claiming that Twitter provided incorrect information regarding the population of bots (non-human accounts) existing on the platform. Furthermore, Musk claimed that nearly 20% of the user base consists of fake users.
Another issue has been found in Musk’s leaked texts by the court itself. These clearly demonstrate his reconsidering in the wake of the war in Ukraine and a worsening global economic state.
Despite this, Musk plans to move forward with the agreement so long as the lawsuit does not continue.
Although it remains unclear what directly inspired a change of heart in Musk, there have been certain key circumstances leading up to the trial that was initially set for October 17. The most notable of which came in a tweet from Musk himself that he recently published, which stated that “Buying Twitter is an accelerant to creating X, the everything app.”
This mysterious software that Musk is referring to is a social media site that he was planning to build in the case that the Twitter deal fell through. Still, he is in ownership of X.com in addition to a holding company of an identical name.