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Billionaire Elon Musk ready to buy Twitter at original price of $44bn

Billionaire Elon Musk is proposing to go ahead with his original offer of $44bn to take Twitter Inc private, a securities filing showed on Tuesday, signalling an end to a legal battle that could have forced Musk to pay up.

An agreement would put the world’s richest person in charge of one of the most influential media platforms and end months of turbulent litigation that damaged Twitter’s brand and fed Musk’s reputation for erratic behaviour.

Musk, the chief executive of electric car maker Tesla Inc, will take over a company he originally committed to buying in April, but soon soured on.

Billionaire Elon Musk is proposing to go ahead with his original offer of $44bn to take Twitter Inc private, a securities filing showed on Tuesday, signalling an end to a legal battle that could have forced Musk to pay up.

An agreement would put the world’s richest person in charge of one of the most influential media platforms and end months of turbulent litigation that damaged Twitter’s brand and fed Musk’s reputation for erratic behaviour.

Musk, the chief executive of electric car maker Tesla Inc, will take over a company he originally committed to buying in April, but soon soured on.

Twitter shares jumped 12.7 per cent to $47.93 before trading was halted for the second time, while Tesla shares rose by about 2.4 per cent. Twitter ended up over 22 per cent at $52.00.

The news comes ahead of a highly anticipated face-off between Musk and Twitter on October 17 in the Court of Chancery in Georgetown, Delaware, the US. In court, the social media company was set to seek an order directing Musk to close the deal for $44bn.

Musk sent Twitter a letter on Monday that said he intended to proceed with the deal on the original terms if the Delaware judge stayed the proceedings. A source familiar with Twitter’s team told Reuters news agency that at a court hearing on Tuesday morning the judge requested the two sides to report back in the evening.

It could not immediately be ascertained why Musk chose to abandon his fight. He was about to be deposed.

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