Lawyers for Musk confirmed in a court docket submitting on Tuesday 4 October that the billionaire could be going forward with the deal after pushing for it to be scrapped.

The discover filed within the Delaware Chancery court docket confirmed early studies that Musk had written to Twitter executives providing to shut the deal on the initially agreed-upon value of $54.20 per share. The information lifted Twitter shares by greater than 12% on the day, reaching $47.93 earlier than buying and selling closed in New York.

“The intention of the company is to close the transaction,” a Twitter consultant wrote in response to the discover.

The social media platform has been urgent Musk to finish the deal below the phrases agreed upon in April. It has sued him in Delaware, the place Tesla is included, and the place the court docket is reputed for its enforcement of merger agreements.

Musk’s U-turn on the deal follows months of authorized drama because the Tesla CEO claimed to have been misled by Twitter executives on the variety of spam accounts working on the platform. In its lawsuit, Twitter, in its lawsuit, described Musk’s behaviour as “a model of bad faith”.

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