Elon Musk Twitter deal - live: Tesla billionaire offers $44bn for company after previously backing out

Elon Musk on Tuesday revived his offer to buy social networking site Twitter for $44bn, after previously attempting to back out of the high-profile deal.

The Tesla billionaire proposed the price, which equals the original valuation of $54.20 a share, in a letter to Twitter filed on Monday with the Securities and Exchange Commission.

In July, Twitter sued Mr Musk for what it said was his “wrongful” attempt to cancel his offer, a case that may force the entrenpreneur into acquiring the company.

Without an agreement, proceedings in the case are set to begin within days, with Mr Musk scheduled to be deposed in Texas later this week.

Key Points

• Elon Musk wants to proceed with Twitter buyout, new report says

• Why Twitter is suing Elon Musk

ICYMI: Why Twitter is suing Elon Musk

21:20 , Josh Marcus

Twitter sued Elon Musk in July, arguing the tech billionaire was legally bound to carry out his $44bn acquisition of the social network, after the Tesla CEO said he wanted to walk away from the deal.

Twitter argued leaving the deal is “invalid and wrongful” under the terms of an April contract, according to a letter sent to Mr Musk’s lawyers.

The company tore into Mr Musk in a legal complaint filed in Delaware Court, writing that the billionaire “apparently believes that he —unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.”

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Elon Musk wants to proceed with Twitter buyout, new report says

21:20 , Josh Marcus

Elon Musk wants to go ahead with his original offer of $44bn (£38bn) to buy Twitter and take it private, months after trying to back out of the deal.

The billionaire made the offer of $54.20 a share in a letter to Twitter, according to sources who asked not to be identified discussing confidential information.

An agreement would put the world’s richest person in charge of one of the most influential media platforms and end months of turbulent litigation that damaged Twitter’s brand and fed Musk’s reputation for erratic behaviour. Trading on Twitter’s shares was paused after the news.

Adam Smith is following the story.

Elon Musk wants to proceed with Twitter buyout

Welcome to our live coverage of the Elon Musk Twitter deal

21:19 , Josh Marcus

Good afternoon and welcome to The Independent’s rolling coverage of Elon Musk’s $44bn bid to buy Twitter.

The deal has the potential to impact US politics and culture for years to come, and we’ll have all the latest details. Stay tuned.