Airship

Elon Musk and Twitter: it's back on again

Tim Green

First he wanted to buy it. Then he backtracked. Then the lawyers got involved. Now the takeover is going ahead.

Yes, it's the Elon Musk and Twitter saga. And fresh reports say the billionaire has changed his mind again and is now willing to proceed with his acquisition of the social media platform.

Apparently, Musk has written to Twitter to confirm he will pay the price he offered earlier this year – $54.20 per share. The move avoids a costly court case for both sides.

Interestingly, it seems Musk wants to turn Twitter into something more than a 'what's happening now' social network. Instead, he could be aiming to reinvent Twitter as something a little more like a western version of WeChat. In other words, a product for shopping, paying, sharing, watching and more.

He wrote in a tweet: "Buying Twitter is an accelerant to creating X, the everything app".

Of course, this is presuming that the deal does go ahead. Predictably, the news sent Twitter shares soaring upwards. The price rose more than 20 percent to more than $52. But this was still lower than the takeover price, which might reflect lingering doubts that the deal will complete.

Musk had been very dismissive of the proposed deal after he changed his mind about it. He even responded to comments by Twitter boss Parag Agrawal with an emoji for a turd.