Elon Musk revives $44 billion Twitter bid to build 'X' app; what company says

World’s richest person and Tesla CEO Elon Musk has revived his $44 billion bid to buy Twitter, according to a letter sent by his lawyer to the social media company’s legal team that was filed with the US Securities and Exchange Commission (SEC).

On Tuesday (October 4), Twitter said it had received the letter and its intention was to close the deal at $54.20 per share.

Also read: Musk, Twitter CEO delay questioning ahead of October trial

“We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share,” Twitter said in a statement.

Twitter issued this statement about today’s news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.

— Twitter Investor Relations (@TwitterIR) October 4, 2022

On Twitter, Musk said buying Twitter will accelerate his bid to create “X” app.

“Buying Twitter is an accelerant to creating X, the everything app,” Musk tweeted on Tuesday.

Buying Twitter is an accelerant to creating X, the everything app

— Elon Musk (@elonmusk) October 4, 2022

In the letter to Twitter’s legal team, Musk’s lawyer wrote, “On behalf of X Holdings I, Inc., X Holdings II, Inc. and Elon R. Musk (the “Musk Parties”), we write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby, provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al. (C.A. No. 202-0613-KSJM) (the “Action”) and adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court.”

Also read: Musk faces deposition with Twitter ahead of October trial

“The Musk Parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the Action, including in the event the Action is not stayed, Twitter fails or refuses to comply with its obligations under the April 25, 2022 Merger Agreement or if the transaction contemplated thereby otherwise fails to close,” he added.

Musk had agreed in April to buy Twitter and take it private, offering $54.20 a share and vowing to loosen the company’s policing of content and to root out fake accounts.

Also read: Musk cites whistleblower as new reason to exit Twitter deal

Musk indicated in July that he wanted to back away from the deal, prompting Twitter to file a lawsuit to force him to carry through with the acquisition.