Update: Elon Musk's letter to Twitter
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Update: Elon Musk’s letter to Twitter

Credit: TED

According to a Bloomberg report, Elon Musk proposed going through the original deal to buy Twitter for $44 billion. Although we reported on that earlier, at the time all we had was a report from Bloomberg citing “people familiar with the matter.”

This is an update to that article. The letter from Elon Musk to Twitter has been filed with the U.S. Securities and Exchange Commission (SEC).

The letter, signed by Mike Ringler of Skadden, Arps, Slate, Meagher * Flom LLP, reads:

“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 stay of the action, Twitter vs. Musk, et al. (C.A. No. 202-0613-KSJM) (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.”

Elon Musk also filed a form 13-D with the SEC that reads,

“On October 3, 2022, the Reporting Person’s advisors sent a letter to Twitter (on the Reporting Person’s behalf) notifying Twitter that the Reporting Person intends 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 stay of the action, Twitter vs. Musk, et al. (C.A. No. 202-0613-KSJM), and adjourn the trial and all other proceedings related thereto pending such closing or further order of the court. The foregoing description of the letter is qualified in its entirety by reference to the full text of the letter, a copy of which is attached here to as Exhibit S and incorporated herein by reference.”

Exhibit S is the aforementioned letter.

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Update: Elon Musk’s letter to Twitter
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