It looks like Musk is about to take over the social networking site.
Representatives of the billionaire wrote a letter on Tuesday stating that they intend to proceed with the deal.
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.
According to my colleague, Musk was going to court over the deal because he claimed that he had been lied to over the number of bots on the social network. Musk has claimed that as much as 20% of the user base was fake. Less than 5 percent of themonetizable daily active users are bots according to the company. It seems that Musk doesn't intend to press the issue anymore.
Musk intends to move forward with the deal if the Delaware Chancery Court stays the action against him and his company. Musk is down to move forward if the lawsuit doesn't proceed. There is a chance that another wrench could be thrown into the works.
The stock price of the company rocketed more than 12% after Musk's notice.
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