On Tuesday, October 4, trading in Twitter shares was suspended as Elon Musk once more proposed buying the social media company.
Elon proposed to purchase Twitter at his original offer price of $54.20 per share just weeks before he was scheduled to go to court to resolve the case after trying to back out of the transaction in a dispute about fake accounts.
When word of his offer circulated, the company’s share price increased by 13%.
Elon Musk offered to buy Twitter for $44 billion in April 2022. However, after months of back and forth, he attempted to back out of the agreement in July, criticizing Twitter’s apparent unwillingness to provide sufficient information about the number of spam and bot accounts functioning on the platform.
Twitter sued him for attempting to back out, and both Musk and Twitter were scheduled to appear in court in a few weeks.
The new proposal on Tuesday hints at a conclusion to that argument, though it’s unclear what motivated Musk to change his mind.
According to CNBC, he is now likely to acquire the company within days.
This comes after one of Musk’s friends, American businessman Ari Emanuel, persuaded Twitter to settle with him before the court date.
Emanuel, the CEO of Endeavor recently got in touch with Twitter board member Egon Durban, to ask him to settle the conflict.
The long-running disagreement comes to an end with Musk’s decision to withdraw from the court case.