Tesla Inc TSLA chairman Elon Musk and Twitter Inc TWTR He was reportedly discussing a price drop from the original $44 billion buyout deal by their representatives, but the talks were unsuccessful.
What happened: The talks took the form of a series of confidential calls between lawyers for Musk and Twitter over the past few weeks, ending after the two parties failed to agree on terms. reported The Wall Street Journal cited people familiar with the matter.
After the unsuccessful talks, Musk renewed its purchase offer the Jack Dorsey-founded platform at $54.20 per share – the original price he proposed in April.
Musk and Twitter officials attempted to clarify details of the April proposal late Wednesday, the Journal reported.
The talks focused on the requirements for dropping litigation related to the stalled deal and whether completion of the agreement is conditional on Musk receiving the necessary debt financing, according to the Journal.
See also: How to buy Twitter (TWTR) stock
Why it matters: According to the report, Twitter and Musk have agreed to postpone the Tesla CEO’s testimony, which was due to begin Thursday in Texas.
In the meantime, Apollo Global Management Inc apo and Sixth Street Partnerswho were in talks to fund Musk’s acquisition earlier this year are no longer involved in those talks, Reuters reportedciting two sources familiar with the matter.
Twitter and Musk can move soon to end the legal case in connection with the takeover, according to a separate Reuters report on Wednesday.
Price promotion: On Wednesday, shares of Twitter and Tesla closed down 1.3% and 3.5% in the regular session at $51.32 and $240.81, respectively Data from Benzinga Pro.
Continue reading: Elon Musk’s revived Twitter deal leads to praise for Parag Agrawal, hate for Tesla CEO: ‘Just write the check bro
