Elon Musk goes ahead with Twitter deal

Elon Musk has proposed to buy Twitter at the previously agreed-on price of $44 billion.

Transcript

00:00Elon Musk has agreed to move forward with his $44 billion deal to buy Twitter if the company drops

00:05its lawsuit against him. The announcement was made in a letter to Twitter that the company

00:09disclosed in a filing with the Securities and Exchange Commission. This past spring,

00:13Musk tried to back out of his original agreement to buy the company for $44 billion.

00:17Musk claimed that Twitter had misled him about the number of fake accounts on the platform.

00:21Twitter rebuttaled that this was just a pretext for backing out of the deal due to the stock

00:24market's decline. Twitter was set to take Musk to trial later this month in an attempt to force

00:29him to move forward with his initial agreement. And while the company hasn't agreed to drop the

00:32lawsuit, Twitter said on Tuesday that it was intent on closing the deal. Twitter shareholders

00:37have already voted to approve the deal, but it is unclear when the acquisition could officially

00:41close. Shares of Twitter surged in response to the news, rising more than 12.7 percent.