Elon Musk has renewed his offer to purchase Twitter for $54.20 a share. The Tesla and SpaceX CEO extended the offer in a letter filed with the US Securities and Exchange Commission.
The renewed offer is the latest twist in a continued saga involving the outspoken, eccentric billionaire and the social media platform. The renewed offer comes with conditions. First, Musk has to obtain the debt financing for the deal to go through. Second, the letter says the deal will only move forward if a Delaware court drops all of the legal proceedings related to Twitter's lawsuit against Musk.
Then last month, Twitter shareholders formally approved Musk's $44 billion takeover deal.
Meanwhile, Twitter's former chief security officer, Peiter 'Mudge' Zatko, testified before a US Senate committee in September about the social media platform's security vulnerabilities. Earlier this year, Zatko filed a whistleblower complaint alleging that Twitter's physical and digital security systems for protecting user privacy and moderating content suffered extreme deficiencies. Subsequently, Musk filed yet another letter with the SEC to argue the deal should be terminated, claiming that Zatko's $7.75 million severance package from Twitter violated the terms of the acquisition deal.
Today -- the day after Musk renewed his acquisition offer -- a judge agreed that Twitter could proceed with a probe to determine whether Zatko had been in communication with Musk's lawyers before the billionaire backed out of the Twitter deal.