Elon Musk has decided to forego his legal battle to back out of his first $44 billion bid for Twitter in favour of moving forward with the acquisition.

Also read: Twitter confirms intention to close deal with Elon Musk

The Tesla CEO made the offer in a letter to Twitter, according to details Musk submitted in a filing with the U.S. Securities and Exchange Commission on Tuesday.

Twitter issued a statement on Tuesday reading, “We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.”

Also read: Elon Musk agrees to $44 billion acquisition of Twitter, averts trial

Later that day, the 51-year-old tweeted, “Buying Twitter is an accelerant to creating X, the everything app.”

When a user commented, “it would have been easier to just start X from scratch,” Musk replied, “Twitter probably accelerates X by 3 to 5 years, but I could be wrong.”

What is X- the everything app? Musk did not clarify.

Musk, however, has a history with the alphabet X. He co-founded an online bank, X.com with Harris Fricker, Christopher Payne, and Ed Ho in 1999, which went on to merge with its competitor Confinity Inc. and later changed its name to PayPal.

Also read: Elon Musk on Ukraine-Russia conflict: Ukrainian diplomats Andrij Melnyk, Mykhailo Podolyak react

Musk is also the founder and CEO of SpaceX, an American spacecraft manufacturer, space launch provider, and satellite communications corporation.

Musk is famous for his tweets. From moving markets to creating political ruffles, his tweets have done it all. On Monday, his tweet on the ongoing Russia-Ukraine conflict drew a lot of attention from general followers as well as politicians. It especially evoked strong responses from Ukrainian President Volodymyr Zelensky and other Ukrainian diplomats.

Also read: Ukraine President Volodymyr Zelensky responds to Elon Musk Ukraine-Russia online poll

In response to Zelensky’s poll asking “Which @elonmusk do you like more? One who supports Ukraine or One who supports Russia,” Musk clarified, “I still very much support Ukraine, but am convinced that massive escalation of the war will cause great harm to Ukraine and possibly the world.”