Elon Musk agrees to go ahead with $44 billion Twitter deal
Tesla (TSLA) CEO Elon Musk has agreed to move forward with his $44 billion deal to buy Twitter (TWTR), according to an amended regulatory filing made by the social media company on Tuesday.
Shares of Twitter surged on the news, rising more than 12.7% before being halted for volatility. The stock continued to climb when it resumed trading at roughly 3:30 p.m. EST, ending the day up 22%.
Musk confidentially filed a letter in Delaware Chancery Court earlier Tuesday seeking to proceed with the deal on its original terms. The about-face comes just days before Musk was scheduled to be deposed by Twitter's lawyers in the company's lawsuit seeking to force the Tesla CEO to buy the company.
In its securities filing, Twitter posted Musk's letter saying that he, the social network, and Musk's holding companies created to facilitate the merger "intend to proceed to closing of the transaction" originally reached back on April 25, 2022.
In the letter, Musk agreed to go through with the original deal as long as he received the financing he originally secured — and as long as the court adjourns Twitter’s case against him. The Tesla CEO didn't admit any liability.
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