Technology

Elon Musk offers to buy Twitter for original price, weeks before trial

Elon Musk has offered to proceed with the Twitter deal at a price of $54.20 per share, two people familiar with the negotiations said, a stunning development weeks before the two sides were due to face off in a trial.

Musk sent his new proposal in a letter overnight and Twitter is considering whether to accept the proposal, one person familiar with the situation said. The letter from Musk’s side said they were ready to close the deal and end all litigation, the person said.

Twitter is considering the proposal, and will not act for at least another day, according to one of the people. Because there is great distrust on both sides, Twitter leaders are questioning whether the letter represents a legal maneuvering, this person said.

The offer comes after months of legal wrangling between the billionaire and the social media company following Musk’s moves in July to terminate his planned $44 billion purchase of Twitter. Twitter took him to court to force him to go through with the deal and trial is scheduled for Oct. 17.

Bloomberg first reported news of the offer on Tuesday. Twitter shares were suspended at their highest level in months after the news report.

This is a developing story and will be updated.

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