I don't understand how we're back here again.
As reported by Bloomberg, Elon Musk has revived his bid to purchase Twitter. According to a filing with the United States Securities and Exchange Commission, the billionaire is once again offering to buy the company for the originally agreed-upon $54.20 a share.
Elon Musk revived a bid to buy for Twitter Inc. at the original price of $54.20 a share, backtracking on his effort to quit the deal and potentially avoiding a contentious courtroom fight.
Twitter took to, well Twitter, to announce that it plans to close on the deal.
Musk made the proposal in a letter to Twitter on Monday, according to a filing with the Securities and Exchange Commission that confirmed a Bloomberg report. Shares of Twitter climbed 22% to $52 at the close in New York. San Francisco-based Twitter said it received the letter and intends to close the deal at the agreed-upon price.
Twitter issued this statement about today's news: 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.October 4, 2022
Why is this happening?
Musk originally offered to purchase Twitter for $54.20 a share back in April, so this back and forth has been going on for six months now. Originally, it had seemed that the deal was going to go through.
However, over the course of the summer, a downturn in the economy, rising inflation, and claims of bot issues threw the deal into jeopardy. Twitter then sued Musk, attempting to hold him to the original offer. The whole circus was then scheduled to be heard by the Delaware Court of Chancery but, as of today, it appears that Musk is attempting to avoid that trial.
The billionaire says that the purchase of Twitter is "an accelerant to creating X, the everything app."
Buying Twitter is an accelerant to creating X, the everything appOctober 4, 2022
So, why is Musk attempting to avoid a court battle and buy the company all over again? Many are weighing in. Some say that it was to avoid a trial he was sure to lose. Others say that it is a 3D chess move by Musk. While we're unlikely to know for sure, we know one thing: we're all back in this for the foreseeable future.
Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.
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