Elon Musk resurrected his bid to acquire Twitter for $44 billion on Tuesday after attempting to back out of the high-profile agreement earlier.
In a letter to Twitter filed on Monday with the Securities and Exchange Commission, the Tesla billionaire offered the price, which equals the initial valuation of $54.20 per share.
Musk broke his silence on the transaction late Tuesday on Twitter, saying, “Buying Twitter is an accelerant to creating X, the everything app”.
Twitter sued Musk in July for his “wrongful” effort to rescind his offer, a battle that might compel the entrepreneur to buy the firm.
If no resolution is reached, the lawsuit will proceed within days, with Musk expected to be deposed in Texas later this week.
On October 4, Twitter shares surged as Elon Musk resumed his attempt to buy the firm.
According to the Wall Street Journal, the news that Elon Musk is seeking to relaunch his offer to purchase Twitter produced such a large surge in the social network’s stock price that the New York Stock Exchange had to suspend trading twice.
Such pauses, implemented in the aftermath of the 2010 “Flash Crash,” are triggered when stocks on key indexes change their price by more than 5% in less than five minutes.
Twitter shares soared by at least 13% on Tuesday after Musk declared he would revert to his initial $44 billion bid to buy the social media giant.