Twitter confirms it intends to close deal with Elon Musk

Twitter has I Agree — once again — on Elon Musk’s proposal to buy the company for $54.20 a share. In a statement, Twitter confirmed that it had received Musk’s letter that “the company’s intention is to complete the transaction at $54.20 per share.”

The agreement follows months of legal drama after Musk tried to back out of his original agreement to buy the company for $44 billion this spring. The two sides were due to go to court later this month as Twitter tried to force Musk to keep his end of the bargain. Musk had claimed Twitter misled him about the number of bots on the platform and raised concerns about issues disclosed by the company’s former head of security, who filed a whistleblower complaint against the company.

But Musk abruptly reversed course again on Tuesday, telling Twitter that he was willing to proceed with the original terms of the deal. In the letter filed with the SEC, Musk’s attorneys say they will proceed with the agreement reached in April if the Delaware Chancery Court adjourns “the trial and all other proceedings related” to the ongoing court proceeding.

It’s not yet clear when the acquisition might actually close. Twitter shareholders have already voted to approve the deal, but both sides will now have to await a response from the Delaware Chancery Court as well.

Musk, who announced plans to privatize Twitter, could eventually change Twitter dramatically. He has publicly considered opening up the site’s algorithms and taking a more relaxed approach to content moderation. In messages to CEO Parag Agrawal released last week, he also stated that he “wants to remove permanent bans, except for spam accounts and those explicitly advocating violence.”

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