Twitter says it is committed to buying Elon Musk, even when he hesitates

• Twitter announced on Tuesday that it plans to complete its $ 44 billion merger agreement with Elon Musk.
• This is despite Musk’s apparent hesitation in recent days to continue negotiations.
• Both sides agreed on rules that ensure the deal is closed, including a clause that forces it to close.

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Twitter has said it plans to complete its $ 44 billion merger agreement with Elon Musk, although Tesla’s chief executive seems hesitant about the deal.

“Twitter is committed to concluding the deal at the agreed price and terms as soon as possible,” the Securities and Exchange Commission said in a statement released Tuesday night, citing Musk’s offer to make the company private.

“We intend to close the deal and impose the merger agreement,” the board also said in a statement from Bloomberg. A Twitter spokesman declined to comment when he approached Insider.

On Tuesday, Musk put a stop to negotiations, saying the buyout could not continue unless Twitter CEO Parag Agraval proves the platform has less than 5 percent fake accounts. Earlier in the day, Agraval said he was “not perfect at catching spam.”

Musk also suggested a day earlier that he could renegotiate the deal at a lower price, Bloomberg reported.

In response, Twitter on Tuesday night posted its account of how the deal was negotiated over several weeks with Musk. Twitter has suggested that Musk made no apparent effort to find out more about Twitter’s business, including the number of spam accounts on its platform, before proposing to make Twitter private on April 25.

Twitter and Musk set out terms and conditions last month to ensure both sides adhere to the completion of the buyout deal, which is expected to close in October. Each side has agreed to pay the other side a $ 1 billion penalty if it fails to comply with the agreement.

If negotiations seem unstable, Twitter may also introduce a “specific presentation” clause to force Musk – through a lawsuit – to close the deal if funding is already in place and all conditions are met.

The company’s statement on Tuesday raised the prospect of it suing Musk and obtaining an agreement from him, Reuters reported.

The falling share price of Twitter suggests that investors are convinced that Musk’s current takeover bid may fall through. It closed at $ 38.32 on Tuesday, almost 30% lower than Musk’s offer at $ 54.20 per share.