Breaking: Elon Musk Offers to Buy Twitter for Originally Agreed Upon Price

Elon Musk has sent Twitter a letter proposing to buy the social-media company for his original offer price of $54.20 a share, after spending months trying to back out of the initial deal, according to a new report.

Sources told Bloomberg News Musk has offered to buy Twitter, just weeks before he is set to go to court after the company sued him for attempting to pull out of the $44 billion deal.

The company argued in its lawsuit that Musk had refused to "honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests," according to the complaint.

A regulatory filing from attorney Mike Ringler on behalf of Musk argued months ago that Twitter is "in material breach of multiple provisions" of their April 25 merger agreement, and "appears to have made false and misleading representations upon which Mr. Musk relied when" agreeing to purchase the company.

Musk had claimed Twitter was undercounting fake "bot" accounts, which he said was information that is "fundamental to Twitter's business and financial performance."

Twitter’s stock price briefly shot up as high as 18 percent on the news before trading was suspended.

THIS BREAKING NEWS ITEM IS PRESENTED BY

Elon Musk Offers to Buy Twitter for Originally Agreed Upon Price Twitter’s stock price briefly shot up as high as 18 percent on the news before trading was ... READ MORE ADVERTISEMENT You're invited to ISI's Gala for Western Civilization. Join ISI on Thursday, October 13, at the historic Willard InterContinental Hotel in Washington, D.C. As a special bonus, before the gala, come to a free Modern Age Panel hosted by Dan McCarthy and featuring Harvey Mansfield. If you're under 30 — tickets are only $50! Reserve your seats now. Learn more Follow Us & Share 19 West 44th Street, Suite 1701, New York, NY, 10036, USA Your Preferences | Unsubscribe | Privacy View this e-mail in your browser.