by Mike Masnick at techdirt
So this was unexpected (well, perhaps not that unexpected) but Elon Musk sent a letter to Twitter last night stating he now intends to move ahead with the original deal to buy Twitter, with no changes to the terms.
Gentlemen:
On behalf of X Holdings I, Inc., X Holdings II, Inc. and Elon R. Musk (the “Musk Parties”), we write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby, provided that the Delaware Chancery Court enter an immediate state of the action, Twitter v. Musk, et al…. (the “Action”) and adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court.
The Musk Parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the Action, including in the event the Action is not stayed, Twitter fails or refuses to comply with its obligations under the April 25, 2022 Merger Agreement or if the transaction contemplated thereby otherwise fails to close.
Separately, Musk filed with the SEC about the letter he had sent.
What does this all mean? Well… there’s a shit ton of speculation, but not much is actually known.
This does make it significantly more likely that Musk will in fact own Twitter…
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