BREAKING: Elon Musk is abandoning his legal battle to back out of buying Twitter and offering to go through with his original $44 billion bid for the social media platform.
By completing the deal, Musk essentially gave Twitter what it was seeking from the court — “specific performance” of the contract with Musk, meaning he would have to go through with the purchase at the original price. The contract Musk signed also has a $1 billion breakup fee.
If Musk were to lose the trial, the judge could not only force him to close the deal but also impose interest payments that would have increased its cost, Talley said. It’s also possible that Musk’s co-investors in the deal were starting to get nervous about how the case was proceeding, she said. Columbia’s Talley said he would insist on Musk putting money into an escrow account until the deal is completed. Such an account could hold cash and/or Twitter shares, as a good-faith demonstration by Musk, Talley suggested.
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