Volatile billionaire Elon Musk may finally be ready to close this giant Twitter deal – at least for today.
Musk and his supporters presented a letter with the SEC on Monday (opens in new tab) to restart business on the terms originally agreed upon. The news comes days before Musk is ousted in a case that sought to dismiss the deal – and just days after some of the Musk’s private texts (opens in new tab)among associates, friends and former Twitter CEO Jack Dorsey were launched into the discovery. The newly released messages shed light on how Musk views Twitter, its new features (like Twitter Blue, which he hates), and the deal itself.
So far, Musk has argued that Twitter is lying (opens in new tab) about the number of bots on your service, underestimating them by orders of magnitude. After demanding more transparency, Musk tried to end the deal. Twitter wouldn’t let him, and that’s how they ended up in court.
News of the return of the deal sent Twitter shares soaring until trading was briefly halted mid-day before reopening. Since then, Twitter stock has jumped to nearly $52 a share.
The order indicates that Musk is returning to the original terms set in April. From the SEC filing:
“On October 3, 2022, Whistleblower’s advisors sent a letter to Twitter (on behalf of Whistleblower) notifying Twitter that Whistleblower intends to proceed with the closing of the transaction contemplated by the April 25, 2022 Merger Agreement… “
“Rapporteur” is listed near the top of the document as Elon R. Musk.
In the hours leading up to this news, Musk was busy tweeting about Russia and Ukraine (opens in new tab)fighting on Twitter with chess master and activist Gary Kasparov and the president of Ukraine Volodymyr Zelenskyy (opens in new tab). He has yet to publicly comment on the filing.
By the way, we asked Musk in a tweet if the deal is back and got no response.
Musk has been relatively quiet about the Twitter deal and bots in recent weeks, though he has attributed recent Twitter search results, which don’t seem to have turned out the way he predicted, to twitter bots (opens in new tab).
Its recent activities have revolved around using its Starlink Satellite communication services to help Ukraine and, more recently, Hurricane Ian Damaged Florida (opens in new tab).
The thing is, Musk has been busy and has started to wonder if he’s still interested in owning Twitter.
Twitter, meanwhile, likely needs some sort of exit, which means a new owner and the huge infusion of cash that can come with it. To be clear, the platform hasn’t slowed down on any of its most recent projects. Earlier this week. Twitter announced that Twitter Blue subscribers would have access to its new and limited tweet editing features.
Now we wait to see if Twitter and Musk can finalize the deal, get regulatory approval and actually close the acquisition. So, we think, the real fun begins.