Elon Musk, Twitter Quietly Held Talks To Lower $44B Buyout Price: WSJ

Tesla IncTSLA CEOElon MuskandTwitter IncTWTR reportedly discussed a price cut to the original$44 billion buyout dealthrough their representatives, but the talks were unsuccessful.

What Happened:The discussions took the form of a series of confidential calls between the lawyers of Musk and Twitter in recent weeks and came to an end after the two parties failed to agree on terms,reportedThe Wall Street Journal, citing people familiar with the matter.

After the unsuccessful talks, Muskrevived his offer to purchasetheJack Dorsey-founded platform for $54.20 a share the original price he proposed in April.

Representatives of Musk and Twitter were trying to resolve details of the April proposal as of late Wednesday, reported the Journal.

The talks centered on requirements for dropping the litigation related to the stalled deal and if the agreements closing depends on Musk obtaining the needed debt financing, as per the Journal.

See Also:How To Buy Twitter (TWTR) Shares

Why It Matters:Twitter and Musk have agreed to delay the Tesla CEOs deposition, which was scheduled to start Thursday in Texas, according to the report.

Meanwhile,Apollo Global Management IncAPO andSixth Street Partners, who were in discussions to provide financing to Musk's buyout earlier this year, are no longer engaged in those discussions, Reutersreported, citing two sources familiar with the matter.

Twitter and Musk maymove soon to end the legal caserelated to the buyout, according to a separate Reuters report on Wednesday.

Price Action:On Wednesday, Twitter and Tesla shares closed 1.3% and 3.5% lower, respectively, at $51.32 and $240.81 in the regular session, according todata from Benzinga Pro.

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