Musk Offers To Buy Twitter At Original Price, Sending Stock Soaring
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Billionaire Elon Musk wrote to Twitter offering to follow through with a deal to buy the company at the originally agreed-upon price, multiple news outlets reported Tuesday, potentially ending a seven-month legal saga two weeks before the world’s wealthiest man and the social media company were set to meet in court.
After months of drama, Elon Musk appears to be going through with his Twitter purchase.
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Musk offered to buy Twitter for $54.20 per share, or $44 billion, matching the terms he agreed to in April before he later attempted to back off the deal, according to Bloomberg, CNBC and the Wall Street Journal.
Musk and Twitter are currently slated to face off in a five-day trial in Delaware beginning October 17 as the company looks to push through the purchase.
Twitter shares rose 12.7% to $47.93 following the report, before trading was halted of the stock due to pending news.
Twitter and Musk’s attorney Alex Spiro did not immediately respond to Forbesrequest for comment.
Crucial Quote
“This is a clear sign that Musk recognized heading into Delaware Court that the chances of winning vs. Twitter board was highly unlikely and this $44 billion deal was going to be completed one way or another,” Wedbush analyst Dan Ives wrote in a note to clients Tuesday.
This is a breaking news story and will be updated.
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source: https://news.oneseocompany.com/2022/10/04/musk-offers-to-buy-twitter-at-original-price-sending-stock-soaring_2022100432175.html
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