• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii

3

Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii

3

Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
TechElon Musk

Why did Musk change his mind on buying Twitter? Early court setbacks may have encouraged him to revive his $44 billion offer

Nicholas Gordon
By
Nicholas Gordon
Nicholas Gordon
Asia Editor
Down Arrow Button Icon
Nicholas Gordon
By
Nicholas Gordon
Nicholas Gordon
Asia Editor
Down Arrow Button Icon
October 5, 2022, 4:04 AM ET
Tesla CEO Elon Musk interviewed by reporters in Norway
Tesla CEO Elon Musk may have decided to offer to buy Twitter to avoid more embarrassment from an upcoming trial. Carina Johansen—NTB/AFP/Getty Images
Add Fortune on Google for similar content.

Elon Musk’s offer to buy Twitter for $54.20 a share on Tuesday—the same offer he made all the way back in April—comes with a condition: that Twitter’s lawsuit to force him to buy the social media company end.

Musk’s filing to the U.S. Securities and Exchange Commission that he is, again, ready to buy Twitter comes after a string of setbacks for the Tesla CEO in the Delaware Court of Chancery.

If Twitter’s lawsuit in Delaware succeeded, Musk would have been forced to complete his $44 billion offer to buy the social media company. The Tesla CEO publicly backed out of the deal in July, following weeks of statements that he might walk away due to concerns about spam accounts. 

“Writing was on the wall [Musk] could not win in Delaware,” Dan Ives, senior equity research analyst at Wedbush Securities, said on Twitter, with the offer potentially saving “both sides a long and ugly court battle ahead.”

Musk was scheduled to be deposed on Oct. 6 and 7, with the trial starting just over a week later on Oct. 17.

On Tuesday, Twitter said that it intends to complete the transaction at $54.20 a share. Twitter’s lawsuit against Musk will continue until the two sides reach a deal, despite Musk’s offer. “The lawsuit won’t stop dead in its tracks,” Eric Talley, a professor at Columbia Law School, told The Verge.

Twitter did not immediately respond to Fortune’s request for comment. 

Spambots

When Musk abandoned his offer to buy Twitter earlier this year, the Tesla CEO accused the social media company of hiding the true number of bots on the platform.

He claimed that independent analysis showed the proportion of spam accounts being far higher than the 5% claimed in Twitter’s filings to the SEC. 

Twitter, for its part, argued it had given Musk the data the company uses to estimate the number of bots. The social media company even granted Musk access to the “firehose”: all tweets posted on the platform.

A pretrial hearing on Sep. 27 revealed that Musk had hired five companies to parse through the company’s data, only for the Tesla CEO not to use any of their findings in his arguments. Twitter said it could uncover the findings of two companies in submitted evidence: One argued that Twitter’s estimate of 5% was correct, while the other could only guess with low confidence that 11% of Twitter accounts were bots. 

Even that higher number is far below Musk’s claims, such as when the Tesla CEO said in May that his “lowest estimate” for spam accounts on Twitter was 20%, and that the true number was probably far higher. 

Destroying evidence

The bumper Sept. 27 pretrial hearing ended in a censure motion against Musk after Twitter lawyers revealed that he’d not only used Signal, an encrypted messaging app, to communicate with key players, but also set his messages to auto-delete.

Musk had originally claimed that he has not used Signal to discuss the Twitter deal with people like Jared Birchall, the financier who runs Musk’s family office. 

Twitter lawyers argued that auto-deleted messages were the same as destroying evidence, and asked the Delaware court to place a “severe sanction” on Musk. 

In a previous case where a party was found to have deleted electronic information, the Delaware Court of Chancery ordered it to pay the opposing side’s legal fees. 

Discovery

Musk’s U-turn comes after several of his text messages were made public last week. The communications were uncovered in discovery previous to the Twitter trial. 

The texts include communications with other prominent tech founders, including Oracle cofounder Larry Ellison, Salesforce founder Marc Benioff, LinkedIn founder Reid Hoffman, FTX founder Sam Bankman-Fried, and Palantir cofounder Joe Lonsdale. The messages cover a period spanning from before Musk’s disclosure that he was Twitter’s largest shareholder, to when Twitter accepted Musk’s buyout offer.

The texts revealed the private communications of some of the wealthiest people in the world, as well as potentially embarassing conversations, like one between Musk and his ex-wife, actress Talulah Riley, complaining about “woke-ism,” or congratulatory messages from individuals like podcaster Joe Rogan. 

Further communications uncovered in discovery might have been revealed if the hearing continued. On Monday, Judge Kathaleen McCormick allowed Twitter to review even more texts from Musk’s inner circle.

Musk was set to be deposed later this week, forcing the Tesla CEO to answer more questions under oath.

Worries about the upcoming deposition, due to start on Thursday, may be why Musk revived his offer on Tuesday. “What’s ultimately strange about [the offer] is that it’s the most predictable ending,” Ann Lipton, a professor of entrepreneurship at Tulane University, told The Verge. “Of course cases settle before the deposition of the top guy.” 

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

About the Author
Nicholas Gordon
By Nicholas GordonAsia Editor
LinkedIn iconTwitter icon

Nicholas Gordon is an Asia editor based in Hong Kong, where he helps to drive Fortune’s coverage of Asian business and economics news.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Tech

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Tech

Microsoft’s next big bet isn’t on a model but on becoming the Swiss Army knife of enterprise AI
AIMicrosoft
Microsoft’s next big bet isn’t on a model but on becoming the Swiss Army knife of enterprise AI
By Sheryl Estrada and Sebastian HerreraJuly 3, 2026
46 minutes ago
Those bots sending discounts to your email is dynamic pricing in action. Get revenge on those bots by abandoning your cart
RetailConsumer Spending
Those bots sending discounts to your email is dynamic pricing in action. Get revenge on those bots by abandoning your cart
By Catherina GioinoJuly 3, 2026
1 hour ago
z
AIdisruption
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
By Nick LichtenbergJuly 3, 2026
2 hours ago
Most cancer philanthropy funds research. This winery cofounder is paying for the caregivers and chair lifts families can’t afford
Successphilanthropy
Most cancer philanthropy funds research. This winery cofounder is paying for the caregivers and chair lifts families can’t afford
By Sydney LakeJuly 3, 2026
2 hours ago
A man in an orange vest opens door to a cargo truck.
AIData centers
Organized crime is building an AI hardware cargo theft economy: ‘The economics have become just crazy from the criminal opportunistic perspective’
By Sasha RogelbergJuly 3, 2026
2 hours ago
Michael Burry just shorted Caterpillar’s 172% AI rally. One analyst says his bet won’t even matter
Investingstock prices
Michael Burry just shorted Caterpillar’s 172% AI rally. One analyst says his bet won’t even matter
By Marco Quiroz-GutierrezJuly 2, 2026
13 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
2 days ago
Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii
Success
Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii
By Sasha RogelbergJuly 2, 2026
16 hours ago
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
Success
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
By Orianna Rosa RoyleJuly 2, 2026
1 day ago
Americans are escaping the U.S. for New Zealand where house prices have hit a new low—but only wealthy Americans with $3 million spare can invest
Success
Americans are escaping the U.S. for New Zealand where house prices have hit a new low—but only wealthy Americans with $3 million spare can invest
By Emma BurleighJuly 2, 2026
18 hours ago
Current price of oil as of July 2, 2026
Personal Finance
Current price of oil as of July 2, 2026
By Joseph HostetlerJuly 2, 2026
19 hours ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
8 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.