Now that Elon Musk apparently had a change of heart on Tuesday regarding his previously offer to buy Twitter, a deal he had previously decided to renege on, it is now possible that former President Donald Trump’s Twitter account might be back up and running before the midterm elections.
In a letter to Twitter executives, Musk offered to buy the firm for $54.20 per share, valuing it at $44 billion and driving stock prices to rise by up to 22%.
Twitter, which has been fighting Musk in court over his prior effort to cancel the offer due to a disagreement over the platform’s genuine user count, stated that management intended to conclude the acquisition.
According to CNBC, the purchase might go place as soon as Friday.
Following the events of January 6, Trump started his own social media network, Truth Social. On Tuesday, shares of the special-purpose acquisition company that is aiming to bring Trump Media and Technology Group, the owner of Truth Social, to the public markets fell 5% on the news that Musk may actually go through with this acquisition of the company.
Trump has previously stated that he would not be returning to the platform that he famously leveraged to his advantage during the 2016 presidential election. Many observers however think this could change if Musk actually follows through and buys the company.
Musk announced earlier this year that he would lift Trump’s Twitter ban, which was imposed in response to his suspected participation in the January 6 protests at the United States Capitol.
Musk, who also serves as CEO of SpaceX and Tesla, has underlined the need of enabling free expression on social media, going as far as to say that permanent bans on the platform “should be extremely rare and really reserved for accounts that are bots, or scam, spam accounts.”
The merger has previously been authorized by a majority of Twitter shareholders, including Musk, who owns 9.6% of the firm. Twitter announced losses of $0.08 per share in its second-quarter profits, falling short of analysts’ expectations of a $0.14 gain per share.