Bloomberg News reports:
Elon Musk is proposing to buy Twitter Inc. for the original offer price of $54.20 a share. Musk made the proposal in a letter to Twitter, according to people familiar with the matter, who asked not to be identified discussing confidential information.
Shares in Twitter climbed as much as 18% on the news, after trading was briefly halted.
Musk had been trying for months to back out of his contract to acquire Twitter, signed in April. Shortly afterward, he began showing signs of buyer’s remorse, alleging that Twitter had misled him about the size of its user base and the prevalence of automated accounts known as bots.
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Musk made the proposal in a letter to Twitter, according to people familiar with the matter, who asked not to be identified discussing confidential information.
Shares in Twitter climbed as much as 18% on the news, after trading was briefly halted https://t.co/XyvT788YCA
— Bloomberg (@business) October 4, 2022
Trading of Twitter shares was halted Tuesday amid reports that Elon Musk is proposing to go ahead with his bid to buy the company for $54.20 a share. pic.twitter.com/XZXLuKXC7s
— The Recount (@therecount) October 4, 2022
Trading in shares of Twitter was halted after the stock spiked on reports that Elon Musk would proceed with his $44 billion deal to buy the company after months of legal battles. The news, based on anonymous sources, was first reported by Bloomberg News. https://t.co/xBhYZzUvTi
— The Associated Press (@AP) October 4, 2022