Elon Musk: Billionaire Elon Musk wants to proceed with his initial offer of $54.20 per share to take Twitter Inc. private, according to two sources familiar with the situation. This news sent shares of the social media company soaring on Tuesday.
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Before trading was again suspended, Twitter shares increased 12.7% to $47.93, while Tesla Inc., the electric vehicle manufacturer that Musk is the CEO of, increased by 1.5%.
According to an earlier story from Bloomberg, Musk proposed the idea in a letter to Twitter. People who asked to remain anonymous were quoted talking about private information.
Reuters’ inquiries for comment on Twitter and Musk’s attorneys were not immediately answered.
Twitter was planning to ask the court to require Musk to consummate the deal at $54.20 per share.
The announcement comes just days before a highly anticipated legal battle between Musk and Twitter in Delaware’s Court of Chancery on October 17. Twitter was planning to ask the court to require Musk to consummate the deal at $54.20 per share.
Wedbush analyst Dan Ives wrote following the news that it was obvious that Musk recognised going into Delaware Court that the likelihood of prevailing vs. Twitter board was exceedingly unlikely and this $44 billion deal was going to be finalised one way or another.
Musk agreed to purchase Twitter for $44 billion in April, but within weeks claimed there were far more bot accounts than Twitter had estimated, which was fewer than 5% of all users.
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