Elon Musk revived a shot to buy TwitterInc. at the original price of$54.20 a share, countermanding on his trouble to quit the deal and potentially avoiding a contentious courtroom fight.

Musk made the offer in a letter to Twitter on Monday, according to a form with the Securities and Exchange Commission that verified a Bloomberg report. San Francisco- grounded Twitter said it entered the letter and intends to close the deal at the agreed- upon price, without opining specifically on how it’ll respond to Musk.

For Twitter, pacing with Musk’s plan augurs a future under a unpredictable billionaire who has spent months intimately censuring its operation, questioning its value and changing his mind. It also means that his queried claims- that Twitter was lying about which chance of druggies were bots, for case- aren’t likely to be scanned in a court of law.

Twitter shares fell0.6 per cent in premarket trading after closing 22 per cent advanced at$ 52 in New York on Tuesday.

Musk had been trying for months to end his contract to acquire Twitter, inked in April. The billionaire began showing signs of buyer’s guilt shortly after the deal was blazoned, professing that Twitter had misled him about the size of its stoner base and the frequence of automated accounts known as bots.

What would $TWTR look like under Elon Musk? Since April, the world's richest man has given us some clues about his priorities from an edit button to tackling bots. Here's what Musk could do to change the social media platform: pic.twitter.com/J4k3iIxMgg

— Ed Ludlow (@EdLudlow) October 5, 2022

Musk formally quit the accord in July and Twitter sued him in Delaware Chancery Court to force him to go forward with the purchase. A trial had been listed to begin October 17. The judge in Delaware on Tuesday asked both sides to come back to her with a offer on how the case can now do. The options include having Twitter seek to dismiss the case or have her continue to retain governance until the deal closes, said a person familiar with the matter.

In the letter, Musk’s attorneys wrote that he and his sympathizers” intend to do to ending of the sale contemplated by the April 25, 2022, junction agreement, on the terms and subject to the conditions set forth therein.” The plan is also contingent on him lining up the necessary debt backing and the court issuing” an immediate stay of the action.” It’s a tough time for banks to vend debt. With yields at multiyear highs, banks led by Morgan Stanley could be on the hook for hundreds of millions of bones

of losses on the relaxed portion alone, should they essay to discharge it to investors.Musk latterly twittered that” buying Twitter is an accelerant to creating X, the everything app.” Musk has said he wants Twitter to be more like TikTok and WeChat, with numerous further largely engaged druggies.

In the run- up to the planned Delaware proceedings, attorneys for both sides have fired showers of processes at each other aimed at teasing out evidence and substantiation. Musk’s side demanded to demonstrate that Twitter violated the terms of the deal. Twitter contended that Musk used the bots issue as a rationale for backing out a deal he no longer set up economically sound.

Musk’s legal platoon was getting the sense that the case wasn’t going well, as Judge KathaleenSt.J. McCormick sided constantly with Twitter in pretrial rulings, according to one person familiar. Indeed with the late emergence of a Twitter whoosh- cracker
who contended directors were not forthcoming on security and bot issues, there were enterprises Musk’s side would not be suitable to prove a material adverse effect, the legal standard needed to exit the contract.

Inside Twitter on Tuesday, numerous workers were sitting through 2023 planning donations when the news first started to circulate, according to multiple sources. Presenters didn’t admit the news, which staffers saw spreading on their own social network. numerous workers have opposed the idea of working for Musk, who has been openly mocked and blamed on internal Slack channels since the deal was inked.

In an internal memo Tuesday to Twitter staff, viewed by Bloomberg News, General Counsel Sean Edgett thanked workers for their tolerance as the company works through the legal issues.” I’ll continue to keep you posted on significant updates,” he wrote. Trading of Twitter shares was halted after the news broke and did not renew until after the company verified damage of Musk’s letter.

Twitter shareholders suggested September 13 to accept the buyout offer as Musk submitted it. The company said at the time that98.6 per cent of the votes cast were in favor of the deal. Musk, Twitter’s largest shareholder, did not bounce at each, according to two people familiar with his decision. Musk possessed nearly 10 per cent of Twitter- further than 73 million shares- when he agreed to acquire the company.

Musk was listed to answer questions about the deal in Austin, Texas, on October 6- 7, according to a court form Tuesday. Twitter Chief Executive Officer Parag Agrawal was listed to sit down for his deposit Monday.