Twitter’s stock has been halted after Elon Musk has reportedly agreed once again to proceed with the deal at the original price of $54.20.
Prior to the halt, the stock was trading at $47.93 and had jumped over 12% in essentially three minutes once the news was announced.
“BREAKING: Elon Musk reportedly makes a proposal to proceed with deal to buy Twitter at $54.20, trading of TWTR shares halted”
BREAKING: Elon Musk reportedly makes a proposal to proceed with deal to buy Twitter at $54.20, trading of TWTR shares halted— Benny Johnson (@bennyjohnson) October 4, 2022
It is thus far unclear what sparked the reversal as court proceedings were set to begin this month in regards to suits from each side.
Three weeks ago, Twitter’s shareholders voted to approve the deal with Elon Musk to buy the company for $44B.
The decision was reportedly made in a short conference call with investors from the company’s San Francisco headquarters.
Musk made the proposal of buying the company in a letter to Twitter, according to Bloomberg.
UPDATE – Elon Musk made the proposal of buying the company in a letter to Twitter, Bloomberg reported— Insider Paper (@TheInsiderPaper) October 4, 2022
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