The seemingly-never ending drama surrounding billionaire Elon Musk’s acquisition of Twitter continues to unfold. As of Tuesday afternoon, Bloomberg reported that Musk has offered to buy the popular microblogging social network at $54.20 per share -- the original price he agreed to pay in April.
Twitter has not responded publicly to Musk’s surprising offer -- which, according to The New York Times, “could be seen as a negotiating tactic…to halt Twitter’s litigation against him.”
Musk’s deposition is scheduled for Thursday and Friday in Austin, Texas during which Twitter could ask for court supervision for the deal to ensure Musk follows through with his offer.
A $44 billion offer would likely be a victory for Twitter -- especially after months of drama surrounding the company, including disputes about unreported bots, a lawsuit, and a whistleblower who made serious accusations about “extreme, egregious deficiencies” in the company’s security enforcement, and privacy and content moderation practices.
Musk submitted his proposal to Twitter on Monday evening, after which both sides met in court in an emergency virtual hearing on Tuesday to discuss the proposal with the judge.
A deal could potentially close within weeks.
Since the news broke, Twitter shares spiked over 12% before a halt in trading.
If a deal is finally struck between Musk and Twitter, the trial scheduled in just a few days in Delaware would be avoided.