FirstFT: Elon Musk pulls another U-turn

Elon Musk has offered to buy Twitter for the initially agreed price of $44bn, in a move that could put an end to one of the most high-profile corporate legal battles in decades.

The Tesla chief sent a letter to Twitter on Monday night offering to go ahead with the deal, less than two weeks before the two parties were set to go to trial in Delaware Chancery Court.

According to a regulatory filing on Tuesday, Musk’s lawyers said in the letter that the entrepreneur intended to close the deal at the previously agreed price of $54.20 a share, once debt financing is received, provided the court halted the legal action and adjourned the upcoming trial and related proceedings.

“The Musk parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights,” the letter said.

In a statement, a Twitter spokesperson acknowledged that it had received the letter and said that the “intention of the company is to close the transaction at $54.20 per share”.

Catch up with the latest on the Twitter deal saga here.

Do you think Twitter should go ahead with the deal? Email your thoughts to firstft@ft.com or reply to this email. Here is the rest of today’s news — Emily

Five more stories in the news

1. US to impose export controls on Chinese chipmakers The US commerce department is preparing to introduce sweeping export controls in an effort to slow Chinese efforts to obtain semiconductors and chipmaking equipment for supercomputers and other military-related applications. According to those familiar with the situation, the restrictions would essentially bar US companies from selling cutting-edge technology to Chinese groups.

2. North Korea fires ballistic missile over Japan The launch from Pyongyang over Japan, the first since 2017, sparked emergency public alerts amid a sharp rise in provocations by North Korea. Officials in Seoul and Tokyo said the missile was launched from North Korea’s Jagang province early yesterday and fell outside Japan’s exclusive economic zone, which stretches 200 nautical miles from the coast.

3. Dalio hands over reins at Bridgewater Ray Dalio, 73, the billionaire founder of hedge fund Bridgewater Associates, has given up control of the firm, ending a drawn-out transition of power that had come to define the industry’s succession problems. Dalio will remain on the board as founder and CIO mentor.

4. RBA delivers smaller-than-expected rate rise Australia’s central bank’s 0.25 percentage point interest rate increase came as most analysts had expected the Reserve Bank of Australia to deliver a fourth consecutive 50 basis point increase. The country’s benchmark S&P/ASX 200 rose on the news of the smaller rise.

5. Naver shares slump after acquiring Poshmark Shares in South Korea’s biggest internet group Naver dropped yesterday after it announced a $1.2bn deal to buy Poshmark, a US clothing reseller, as it pushes into the booming second-hand fashion market. The deal is Naver’s biggest acquisition and its first foray into Silicon Valley.

The day ahead

Opec+ meets Riyadh, Moscow and other producers are set to announce deep cuts at a meeting of the Opec+ cartel today, according to people with knowledge of the discussions.

Indian home minister visits Kashmir region Indian home minister Amit Shah is set to speak before a rally in Indian-administered Kashmir today. The visit comes amid growing tension in the region. (Indian Express)

Tory conference UK prime minister Liz Truss will deliver the closing speech at her party’s annual conference in Birmingham.

What else we’re reading

China’s property crash What began as a property crisis — with slumping apartment sales and developer debt defaults — is morphing into a financial crunch for local governments. Read the first part of a new series examining the impact of the crisis brewing in the world’s second-largest economy.

• Opinion: Xi Jinping will shortly be confirmed for a third term as general secretary of the Communist party and head of the military. But his achievement of such is dangerous for China and the world, writes Martin Wolf.

Japan moves to fill Asia’s energy funding gap Japan is ready to exploit a sharp decline in China’s overseas lending by helping Asia-Pacific countries address the $40tn cost of combating climate change. Tokyo’s efforts to take the lead in rulemaking for green financing in Asia come amid a global debate about how quickly countries should shift to cleaner forms of energy.

Which nuclear weapons could Putin use against Ukraine? It has been called the biggest nuclear threat to world safety since the 1962 Cuban missile crisis: as Vladimir Putin seeks to salvage his invasion of Ukraine, the Russian president has stepped up his threats to use nuclear weapons. This is what we know about the nuclear weapons Putin could be tempted to use.

The quiet ascent of Chinese high-tech start-ups Following a bruising regulatory onslaught by Beijing on its internet giants and a flurry of US sanctions against Chinese technology companies, many investors have curbed their exposure to China tech. But foreign capital is still flowing into high-tech sectors.

How big is the capital hole at Credit Suisse? The cost of buying insurance against Credit Suisse defaulting on its debt soared to a record level yesterday, as analysts and investors questioned the strength of the Swiss bank’s balance sheet. Just how big is the capital hole at the bank? Our reporters investigate.

Food and drink

Our FT Globetrotter guide shares where to feast on Japan’s regional flavours — without leaving Tokyo. Let the capital take you on a culinary journey around the nation, sampling everything from the north’s “soup curry” to the far south’s Spam and tofu speciality.