Elon Musk has offered to continue his deal with Twitter at $54.20 a share, two people familiar with the negotiations said, a surprising advance in the weeks before the two sides will face off in a trial.
Musk sent his new proposal in a letter overnight, and Twitter is considering whether to accept it, a person familiar with the matter said. Musk’s letter said they were ready to close the deal and end all litigation, the person said.
Twitter is considering the proposal and will not act for at least another day, according to one of the people. With so much mistrust on both sides, Twitter leaders questioned whether the letter represented legitimate manipulation, the person said.
The proposal comes after months of legal battles between the billionaire and the social media company after Musk moved in July to end his planned $44 billion takeover of Twitter. Twitter took him to court to force him to complete the deal, with a trial set for October 1. 17.
News of the offer was first reported by Bloomberg on Tuesday. Twitter stock was suspended at its highest level in months after the news report.
This is a developing story and will be updated.