Twitter accepts Elon Musk’s multi billion dollar offer to buy app at $54.20 per share
TWITTER has confirmed it will accept Elon Musk's multi-billion dollar offer to buy the company.
The Tesla and SpaceX CEO revealed his intentions to go ahead with the purchase in a recent letter to Twitter.
The official Twitter Investor Relations account tweeted: "Twitter issued this statement about today's news:
"We received the letter from the Musk parties which they have filed with the SEC.
"The intention of the Company is to close the transaction at $54.20 per share."
Musk previously backed out on the original Twitter deal over a bot dispute.
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The billionaire is involved in a legal battle over trying to back out of the previous $44billion deal.
The Tesla CEO has reportedly had a change of heart.
Musk originally changed his mind about Twitter due to beliefs the app was full of bot accounts.
This was strongly denied by the company.
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However, Musk wanted to conduct his own research and ended up in a legal battle in court over the issue.
According to Bloomberg, an insider recently revealed news of Musk's letter but does not wish to be identified.
Shares in Twitter have shot up thanks to reports of Musk's letter.
Dan Ives, an analyst at Wedbush Securities, told The U.S. Sun: "This is a clear sign that Musk recognized heading into Delaware Court that the chances of winning vs. Twitter board was highly unlikely and this $44 billion deal was going to be completed one way or another.
"Being forced to do the deal after a long and ugly court battle in Delaware was not an ideal scenario and instead accepting this path and moving forward with the deal will save a massive legal headache.
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"Now Musk will own Twitter and get this deal done at the agreed upon $44 billion price tag it appears.
"We see minimal regulatory risk in this deal although now Musk owning the Twitter platform will cause a firestorm of worries and questions looking ahead among users and the Beltway."