Your daily dose of Austin
×
Make your inbox more Austin.
Local news and fun, every day 6am.

elon musk

With deposition and trial looming, Elon Musk has offered $44B for Twitter, again
Shutterstock

Elon Musk has proposed once again to buy Twitter for $54.20 a share.

The news that Musk is offering to carry on with the $44 billion buyout was first reported by Bloomberg. Now, a filing with the Securities and Exchange Commission shows Musk made the proposal in a letter to the tech giant on Monday.

The New York Stock Exchange temporarily halted trading in Twitter stock twice Tuesday, first because of a big price move and the second time for a news event, presumably the announcement of Musk's renewed offer.

While the per share offer price on this latest proposal remains the same as the original offer, it’s unclear if Musk has made other term changes or if Twitter would reject it. According to other reports, a deal could be reached this week.

The stock closed at $52.00/share Tuesday, indicating market uncertainty around the $54.20 offer.

After Musk informed Twitter of plans to terminate the original agreement in July, Twitter sued. A trial has been expected in Delaware Chancery Court on Oct. 17.

With the proposition of a buyout on the table again, it revives the question of whether Musk might move Twitter from San Francisco to Central Texas.

He’s done so with some of his other companies. Tesla’s headquarters in southeast Travis County had its grand opening earlier this year and tunneling business The Boring Company moved to Pflugerville. At least two other Musk companies, SpaceX and Neuralink, have a Central Texas presence without being headquartered here.

Technology journalist Nilay Patel this afternoon voiced concerns that owning Twitter and Tesla together could be problematic for Musk, as his Tesla manufacturing facilities in Germany and China are both in countries that have disputes with Twitter over content moderation and censorship.

Telsa shares fell after the Twitter news became public, before rallying to close up, at $249.44.

Popular

Tesla says it will preempt "recall" with a software update pushed to affected vehicles

(Tesla)

Tesla is not recalling almost 1.1 million vehicles because windows may close with excessive force and pinch a driver or passenger, according to a Tesla filing, which says the windows' automatic reversal system may not react correctly after detecting an obstruction.

The Austin company's internal testing revealed the issue in August. Tesla filed a "Part 573 Safety Recall Report" with the NHTSA identifying the issues, outlining a "recall plan," and listing affected models and years, including "certain vehicles":

  • Model S 2021-2022
  • Model 3 2017-2022
  • Model X 2021-2022
  • Model Y 2020-2022 (including some that were made in the Austin factory)
Instead of requiring vehicles to be serviced in-person, Tesla is pushing a software fix via an OTA (over the air) update. Similar to the process of an iPhone update, Tesla periodically modifies its vehicles' software systems with fixes and enhancements.

Owner notification letters are expected to be mailed Nov. 15.

Elon Musk considers a hyperloop tunnel between Austin and San Antonio

(The Boring Company/Twitter)

Whether it’s by car or bus, chances are you’ll have to travel through some highway traffic to reach San Antonio.

Keep Reading Show less