(Slay News) – Twitter has accepted Elon Musk’s offer to buy the social media company for $44 billion, with the deal now expected to complete within a matter of days.
The news follows Musk’s dramatic U-turn on Tuesday.
The Tesla CEO and Twitter have been locked in a court battle after Musk terminated his original takeover offer over concerns about fake accounts on the platform.
However, as Slay News reported, Musk unexpectedly changed his tune and announced he will pay the full price to buy the company.
Musk and Twitter were due to appear in a Delaware court on October 17 to hash out the deal.
According to the Daily Mail, Musk’s takeover is now expected to be finalized “within days.”
A Twitter spokesman for the outlet: “We received the letter from the Musk parties which they have filed with the SEC.
“The intention of the Company is to close the transaction at $54.20 per share.”
Regulatory filings on Tuesday revealed that Musk’s attorneys sent Twitter a letter confirming that he planned to buy the company at the original price he proposed – $44billion.
The judge, Chancellor Kathaleen McCormick, recently rejected Musk’s request to delay proceedings. Sources cited by Bloomberg on Tuesday said he feared she would end up siding with Twitter in the matter and force him to buy the company after a highly public, potentially embarrassing trial.
Musk’s new offer to complete the deal is contingent on Twitter halting its lawsuit to force the transaction.
Now, with a deal nearing a close, Twitter’s share price is soaring.
Trading was halted at 12.10 pm on Tuesday after the shares jumped 13 percent to $47.93, and the stock closed at $52, an increase of 22 percent on the day.
Musk acknowledged his abrupt reversal and agreement to buy Twitter in a tweet suggesting that he is now eager to complete the transaction.
“Buying Twitter is an accelerant to creating X, the everything app,” Musk tweeted on Tuesday night, hours after he offered to complete the buyout at the originally agreed price of $44 million.
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022