Elon Musk reportedly has stopped his efforts to get out of buying Twitter. He’s going to purchase the social media platform at his original price from April.
He spent the intervening months trying back out of the deal, which forces him to pay much more for the company than its current value.
Musk’s on-again/off-again deal with Twitter
Twitter isn’t the largest social media platform – TikTok, Facebook, Instagram and others are larger. Still, it boasts 206 million daily active users, and 38 million users in the United States.
Musk offered to buy the company for $54.20 per share last spring. But that seems to have been an impulse buy, even though the deal was valued at $44 billion, because he almost immediately wanted out.
The disagreement was headed for a Delaware court until Musk on Tuesday notified the Twitter board he plans to honor his original agreement, according to Bloomberg.
Twitter shares were selling for about $42 before news of the impending deal broke. They shot up to about $48 when trading was halted.
Great news for Trump
Musk, who holds some conservative political views, previously said he would reverse Twitter’s permanent ban on former President Donald Trump. Twitter banned Trump after the January 6, 2021, attack on Congress, saying he used the service to incite violence.
Musk also likely will remove nearly any restrictions on what users can post. Whether that will cause users and advertisers to leave Twitter is yet to be determined.