Elon Musk has revived his proposal to acquire Twitter at the original price of $54.20 a share, according to sources familiar with the matter. A deal could happen as soon as Friday, the sources added.
Tesla CEO Elon Musk’s plans to go ahead with his agreement to buy the business boosted shares by 15% on Tuesday, according to reports from Bloomberg. The story was immediately halted following its publication.
Musk first made an offer to buy Twitter in early April, but later withdrew his proposal amid pushback from investors. He is now said to be moving forward with the deal just days before he is set to go to trial over a separate matter.
If Musk does go through with his acquisition of Twitter, it would be an interesting turn of events given his pending legal case. It remains to be seen if the deal will actually come to fruition.
Twitter declined to comment on this story. Tesla did not immediately respond to a request for comment.
The letter comes just days before Musk and Twitter are set to go to trial in Delaware Chancery Court over the failed deal. Musk is seeking to force Twitter to go through with the purchase, while Twitter is suing him to terminate the agreement.
Musk’s original offer was made in April, valuing Twitter at $44 billion. He quickly tried to back out of the deal in July, claiming that Twitter was misstating the number of “bots” on its service.
Musk’s renewed offer comes at a time when Twitter’s stock price has surged amid increased interest in the social media platform. The stock was up more than 4% in premarket trading on Monday.
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