Tesla and SpaceX CEO Elon Musk is ready to revive the process of Twitter acquisitions. After some legal proceedings, the deal has finally got off the ground. According to sources familiar with the matter, Elon Musk has changed course and is again proposing to buy Twitter at the original price of $54.2 per share. The entrepreneur made a proposal in a letter to Twitter last week. Notably, speculations about the deal resumption were enough to send the price of the social media’s shares up by more than 15%. Elon Musk needs Twitter for a special purpose. “Buying Twitter is an accelerant to creating X, the everything app,” the billionaire explained without giving any further details. The deal negotiations have been going on since April this year. Back then, the two parties evaluated Twitter at $44 billion and intended to complete the acquisition process by the year-end. However, on July 9, Musk tried to back out, claiming that Twitter violated the terms of the agreement. In particular, he accused the social network of giving misleading information on the number of bots and fake accounts. Twitter, in turn, alleged that Musk was seeking ways to cancel the deal and refused to fulfill his obligations to the company and its shareholders.
