In April, Elon Musk announced that he was buying Twitter (open in new tab) for $54.20 per share. Soon, however, buyer's remorse set in (opens in new tab). He tried to get out of the deal, and Twitter tried to hold him back. And after months of legal battles (opens in new tab) (and probably millions more spent on lawyers), Mr. Musk is once again planning to buy Twitter for $54.20 per share.

Twitter confirmed the revived deal, stating that it had "received a letter from the Musk parties filed with the SEC" and planned to "close the transaction at $54.20 per share."

The filing is available here (opens in new tab) and states that Mr. Mask "intends to proceed with the closing of the transaction contemplated by the merger agreement on April 25, 2022, on the terms and subject to the conditions set forth therein, until the proceeds of the intended debt financing thereby received." It stated. The only condition is that the court immediately stay and adjourn the litigation between Mask and Twitter Inc.

Musk's legal representatives sent a similar letter to Twitter on October 3, pointing out the same conditions and stating that if the litigation with Twitter is not stayed, or if Twitter for any reason does not agree to resume business, the offer is "without admission of liability and without any waiver of any rights or prejudice . nor is it a waiver of any rights or prejudice."

Musk has not tweeted about the reasons for the reversal, but Bloomberg (opens in new tab) reports that the lawsuit against Twitter is not going well and that it appears likely that the company will have to end the deal it agreed to earlier this year. Others pointed out that even the discovery phase does not paint Mask in an overly favorable light, and that if the lawsuit drags on, the humiliation could be compounded. Recently, private emails between Mask and Joe Rogan and other public figures were released as part of this process (open in new tab). The trial was scheduled to begin on October 17.

Whatever his reasons, it seems almost certain that Twitter will be in Mask's hands in the relatively near future. What happens then is anyone's guess, but Twitter's stock price soared immediately after the news, from $42.95 at 12 p.m. ET to $52 at 4:05 p.m. ET. Twitter's stock had previously fallen to $32, well below the acquisition price agreed to by Musk.