Update: Twitter accepted the deal. Twitter said on Tuesday afternoon that it plans to close a deal with billionaire Elon Musk.
Twitter shares soared 22% in late afternoon trading on the news.
It was a good move. He would have lost the case after his witness was canceled. A lengthy, embarrassing court fight followed by a loss would not look good.
ORIGINAL STORY
Elon Musk has offered to close his $44 billion deal to buy Twitter Inc. TWTR 12.67%▲ on the terms he initially agreed to, according to a person familiar with the matter. This unexpected twist could allow the two sides to avert a high-stakes trial set to begin soon, the Wall Street Journal reports.
His lawyers contacted Twitter’s lawyers last night.
If Twitter accepts the proposal, the two sides wouldn’t have to follow through on a five-day nonjury trial set to begin on Oct. 17. There are no guarantees they will reach a deal, and the trial could still go forward as planned.
Mr. Musk was set to be deposed later this week as part of the preparations for the trial.
We need Mr. Musk to buy Twitter.
In other Musk news, Russia likes the terms for peace that he recommended for Ukraine and Russia. Ukraine’s President Zelensky didn’t like them and suggested he was a Putin fan. The Ukrainian ambassador to Germany, Andriy Melnyk, told Mr. Musk to “F* off.”
The deal allowed another referendum of the annexed states under UN supervision. Russia would have to accept the results. The referendum would allow the four regions to remain neutral. Crimea would remain with Russia.
As for Russia, the Kremlin said they have no desire to speak with the West about the use of nuclear weapons any longer.
Subscribe to the Daily Newsletter
