Elon Musk

Tesla CEO had been set for court showdown after attempting to scrap deal.

Trading in Twitter shares is halted after a report stated the billionaire will now buy the business.

Mr Musk, a prolific Twitter user with more than 100 million followers, first offered to buy the firm for $54.20 per share in April. Could this be a legal strategy to delay a court case? Twitter is reportedly looking at Mr Musk's offer closely. But he added, that Mr Musk's ownership of the platform, a top venue for politicians and journalists to spread news and opinion, would still likely cause a "firestorm of worries and questions" in Washington and beyond. In the letter, attorneys for Mr Musk said he intended to move ahead to complete the transaction, pending receipt of the financing, and asked to end the legal fight. In a letter to the firm, Mr Musk agreed to pay the price he offered months ago before trying to quit the deal.

Billionaire Elon Musk is proposing to go ahead with his original offer of $US54.20 per share to take Twitter private, two sources say.

[sued Musk to force the deal to go through.](https://www.rnz.co.nz/news/world/468021/twitter-investors-sue-elon-musk-and-platform-over-takeover-bid) The news comes ahead of a highly anticipated face-off between Musk and Twitter in Delaware's Court of Chancery on 17 October, in which the social media company was set to seek an order directing Musk to close the deal at $54.20 per share. It cited people who asked not to be identified discussing confidential information.

The billionaire agreed in April to buy Twitter for $44 billion or $54.20 per share.

He has used Twitter to stir controversy, including on Monday when he floated a peace plan for the Ukraine-Russia war that drew swift condemnation from Ukraine's president, Volodymyr Zelensky. Supporters of Donald Trump hope that Musk will reactivate the account of the former U.S. Twitter board was highly unlikely and this $44 billion deal was going to be completed one way or another," Wedbush analyst Dan Ives wrote in a note after the news. Musk agreed in April to buy Twitter for $44 billion or $54.20 per share, but within weeks said the number of bot accounts was much higher than Twitter's estimate of less than 5% of users. The news comes ahead of a highly anticipated face-off between Musk and Twitter in Delaware's Court of Chancery on Oct. [Twitter shares jumped](https://www.reuters.com/markets/europe/twitter-surges-after-report-musk-will-go-through-with-deal-2022-10-04/) 12.7 percent to $47.93 before trading was halted for the second time, while Tesla shares rose by about 1 percent.

Tesla chief and social media company were set to take their dispute to trial later this month.

The billionaire's surprise move came months after he tried to back out of a $44 billion deal to acquire the company.

Elon Musk is offering to go through with his original proposal to buy Twitter for $44 billion. The Tesla CEO said in a regulatory filing Tuesday that he ...

If Musk were to lose, among the remedies that would favor Twitter is a court order to go through with the deal. to go through with its $550 million buyout of DecoPac, a company based in Minnesota that calls itself the world’s largest supplier of cake decorating supplies to professional decorators and bakeries. Or he might have to pay off a larger amount without actually buying the company for $44 billion. If the deal does go through, Musk may be stuck with a company he damaged with repeated statements denoucing fake accounts, Susannah Streeter, senior markets analyst for Hargreaves Lansdown in the United Kingdom, wrote in an investor note. Mysteriously, neither Musk nor Twitter CEO Parag Agrawal have written anything about the deal on Twitter, where many developments in the dispute have been aired. In a proposed order, Musk attorneys, said “an adverse inference is drawn against plaintiff, that all destroyed evidence corroborates Mr. What did surprise Talley is that Musk doesn’t appear to be trying to renegotiate the deal. Shareholders have already approved the sale, and legal experts say Musk faced a huge challenge to defend against Twitter’s lawsuit, which was filed in July. “Twitter could still be concerned that the same thing might happen again without some additional security,” Anderson said. Legal experts said Musk may have anticipated that he would lose. Trading halts are how stock exchanges give investors a forced timeout when trading for a stock gets too chaotic, or when a company is about to offer market-moving news. The contract Musk signed also has a $1 billion breakup fee.

Legal experts say that Musk faced an "uphill battle" to prove his claims of fraud over bots on the platform, and risked damaging revelations during trial.