Tesla founder Elon Musk is going ahead with his original offer of buying Twitter for the price of $54.20 a share, a filing with the US Securities and Exchange Commission on Tuesday showed.
The proposed deal, first reported by Bloomberg News, matches the original offer price Mr Musk made to the San Francisco-based microblogging platform in April.
“We received the letter from the Musk parties which they have filed with the SEC. The intention of the company is to close the transaction,” Twitter said on Tuesday.
Twitter shares jumped 22.2 per cent to close at $52.00, while Tesla shares gained 2.9 per cent to $249.44 having dived from $256.16 a share to $245.27 within minutes of the report.
Mr Musk, the world's richest person, agreed this year to acquire Twitter in a $44 billion deal, pledging to pay $54.20 a share. On completion of the proposed deal, Twitter was to be converted into a private company.
The billionaire said at the time that he wanted to introduce new features and make algorithms open source to increase trust, “defeat the spam bots, and authenticating all humans”.
Mr Musk, later on Tuesday, tweeted that "Buying Twitter is an accelerant to creating X, the everything app".
It is not clear what an "everything app" called X would entail, however, Mr Musk did add in a further tweet that "Twitter probably accelerates X by 3 to 5 years, but I could be wrong".
Meanwhile, the Twitter deal faced various headwinds.
On July 8, Mr Musk filed paperwork to terminate the transaction, claiming Twitter did not address inquiries on its “spam” or bot accounts, or provide him with relevant business information.
Twitter chief executive Parag Agrawal hit back at Mr Musk's concerns and said spam accounts accounted for less 5 per cent of users.
The digital platform locks millions of accounts each week that it suspects could be fake, he said.
It was claimed that Mr Musk was looking for a reason to back out of the deal.
On July 12, Twitter filed a legal challenge against Mr Musk for breaching the agreement.
On August 29, hs lawyers sent a letter to Twitter to formally terminate the merger agreement.
In that letter filed with the SEC, Mr Musk's lawyers said allegations made by the microblogging platform's former head of security Peiter Zatko breached the merger agreement and served as a “basis” to end the deal.
Mr Zatko claimed that Twitter was in material non-compliance with legal data privacy obligations, fair trade practice and consumer protection laws and regulations.
Both sides have been preparing for a courtroom showdown, which is set to start on October 17 in Wilmington, Delaware.
Lawyers for Twitter and Mr Musk have issued subpoenas to banks, investors and lawyers involved in the deal.
A general guide to how active you are:
Less than 5,000 steps - sedentary
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10,000 - 12,500 steps - active
12,500 - highly active
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
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Fighter profiles
Gabrieli Pessanha (Brazil)
Reigning Abu Dhabi World Pro champion in the 95kg division, virtually unbeatable in her weight class. Known for her pressure game but also dangerous with her back on the mat.
Nathiely de Jesus, 23, (Brazil)
Two-time World Pro champion renowned for her aggressive game. She is tall and most feared by her opponents for both her triangles and arm-bar attacks.
Thamara Ferreira, 24, (Brazil)
Since her brown belt days, Ferreira has been dominating the 70kg, in both the World Pro and the Grand Slams. With a very aggressive game.
Samantha Cook, 32, (Britain)
One of the biggest talents coming out of Europe in recent times. She is known for a highly technical game and bringing her A game to the table as always.
Kendall Reusing, 22, (USA)
Another young gun ready to explode in the big leagues. The Californian resident is a powerhouse in the -95kg division. Her duels with Pessanha have been highlights in the Grand Slams.
Martina Gramenius, 32, (Sweden)
Already a two-time Grand Slam champion in the current season. Gramenius won golds in the 70kg, in both in Moscow and Tokyo, to earn a spot in the inaugural Queen of Mats.
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Killing of Qassem Suleimani
TOP 5 DRIVERS 2019
1 Lewis Hamilton, Mercedes, 10 wins 387 points
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5 Sebastian Vettel, Ferrari, 1 win, 230 points
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
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More from Rashmee Roshan Lall
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Killing of Qassem Suleimani
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
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