Elon Musk, the wealthiest person in the world, has changed his mind about buying Twitter once again. After spending the previous months trying to back out of a $44 billion deal for the social media platform, Musk is ready to move on with the purchase.
Musk sent a letter to Twitter stating his intent to complete the takeover for the originally agreed price of $54.20 per share. This immediately sent the Twitter stock surging from $42.60 close on Monday to $52.02 at one point on Tuesday.
Twitter later confirmed the new development in an official statement sent out by the company’s spokesperson. Musk himself also made it official on his Twitter account, tweeting that “Buying Twitter is an accelerant to creating X, the everything app.”
There are no specific details about the “X” app Musk mentions. However, reports indicate that the app should combine messaging features, social media, payment options, and more. The closest comparison to it is China’s WeChat.
Elon Musk made an offer of $44 billion for Twitter earlier this year, with his bid accepted by the company’s shareholders. However, Musk later tried to nix the deal, claiming that the platform had a bigger number of fake and spam accounts than the company was willing to reveal.
Twitter decided to handle the matter in court, filing a lawsuit to force Musk to complete the deal. The
the trial was set to begin in less than two weeks.