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Twitter indicated Tuesday afternoon that they are moving forward with letting Elon Musk acquire the company after the billionaire entrepreneur informed the company in a letter that he wanted to proceed with the purchase for the original offer of $54.20 per share.
Musk made the proposal in a letter to Twitter executives, which sent share prices surging by as much as 22%.
“Twitter issued this statement about today’s news: We received the letter from the Musk parties which they have filed with the SEC,” the company said in a statement. “The intention of the Company is to close the transaction at $54.20 per share.”
The transaction could be completed as soon as the end of this week, CNBC reported.
Twitter had been battling Musk in court over his attempt to cancel a previous offer to buy the company for $44 billion. Musk had expressed concerns that the actual share of fake accounts on the platform could range as high as 33% rather than the company’s reported 5%, with a lower number of monetizable daily active users justifying a lower valuation.
