Elon Musk Agrees To Proceed With Buying Twitter

UPDATE: Twitter Just Surrendered to Elon Musk: It Quietly Makes a Move That Reveals the Buyout Deal is About to Close


Tesla and SpaceX CEO Elon Musk has proposed moving forward with his purchase of Twitter, after months of attempts to escape a deal first brokered in April, Bloomberg reported Tuesday.

The reported price would be at $54.20 per share, matching the initial offer made in April, for a grand total of approximately $44 billion dollars, according to Bloomberg. The announcement follows months of attempts by Musk to get out of the deal, citing a lack of transparency by Twitter, particularly regarding bots and other difficulties within the company, and comes just two weeks before an Oct. 17 trial was slated to determine the fate of the takeover attempt.

Twitter shares jumped more than 12%, up to around $48 per share, immediately following the news breaking on Twitter, according to Google Finance. Trading of Twitter shares was temporarily suspended soon after the surge, according to Reuters.

Twitter did not immediately respond to the Daily Caller News Foundation’s request for comment.

This is a breaking news story and will be updated.

AUTHOR

JOHN HUGH DEMASTRI

Contributor.

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