Twitter’s listing was suspended on Wall Street on Tuesday (4) after Bloomberg reported on a possible deal to buy the social network by Elon Musk at the agreed price in April. According to the agency, the billionaire is proposing to go ahead with his original offer of $54.20 a share, which has sent social media shares soaring.
At first, the shares were frozen for five minutes and rose as much as 18% before trading was suspended again.
Musk reportedly made the proposal through a letter to Twitter, Bloomberg said, citing people who asked not to be identified as the information is confidential. Lawyers for Twitter and Musk did not immediately respond to Reuters requests for comment.
The news precedes a highly anticipated trial between Musk and Twitter in the Delaware Court of Chancery on October 17, in which the social media company asked Musk to close the deal at $54.20 a share.
“This is a clear sign that Musk acknowledged upon reaching the Delaware Court that the odds of winning against Twitter’s board were highly unlikely and that this $44 billion settlement would be completed one way or another,” Dan wrote. Ives, an analyst at Wedbush.
Musk agreed in April to buy Twitter for $44 billion, but within weeks said the number of bot accounts was much higher than Twitter’s estimate of less than 5% of users.
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I am Frederick Tuttle, who works in 247 News Agency as an author and mostly cover entertainment news. I have worked in this industry for 10 years and have gained a lot of experience. I am a very hard worker and always strive to get the best out of my work. I am also very passionate about my work and always try to keep up with the latest news and trends.