Elon Musk wants to buy Twitter for the original offer price of $54.20 a share.Mr Musk made the proposal in a letter to Twitter, according to the people who asked not to be identified discussing confidential information.
The letter was first reported by Bloomberg, and has apparently been confirmed by CNBC. Trading on Twitter’s shares have closed.
The billionaire had been attempting to back out of the $44bn deal, claiming there were issues due to the number of bots on the platform.
Mr Musk and Twitter would have appeared in the Delaware Court of Chancery in 17 October to decide the deal, but it is now unclear whether that will go ahead.
Mr Musk had originally planned to join Twitter’s board, but disagreements between him and Twitter chief Parag Agrawal scuppored the move.
Jack Dorsey, Twitter’s founder, was enthusiastic about Mr Musk’s involvement, telling him that while the board was “terrible,” Mr Agrawal was an “incredible engineer”, texts between the two, revealed via court documents, stated.
On 14 April, Twitter revealed in a securities filing that Mr Musk had offered to buy the company outright for about $44 billion. After first trying to thwart the hostile takeover, Twitter ended up agreeing to the deal on 25 April.
In May, Mr Musk announced that his proposed takeover of the social media platform was “on hold” as he looked for more information about spam, bots and fake accounts on the platform.
Twitter chief executive Parag Agrawal published a long thread in which he said he would take on the issue “with the benefit of data, facts, and context”, explaining how Twitter worked out the number of bots within its monetisable daily active users.
