Trading in shares of Twitter was halted after the stock spiked on reports that Elon Musk would proceed with his $US44 billion deal to buy the company after months of legal battles.
Musk offered to buy the San Francisco company at $US54.20 . Shares jumped nearly 13 per cent to $US47.95 before trading stopped.reported Tuesday that Musk made the proposal in a letter to Twitter, according to people familiar with the case who were not identified.
Musk has been trying to back out of the deal for several months after signing on to buy the social media platform in April. Shareholders have already approved the sale. Musk claimed that Twitter under-counted the number of fake accounts on its platform, and Twitter sued when Musk announced the deal was off.Bloomberg News and the Washington Post reported Tuesday that Musk made the proposal in a letter to TwitterThe trial seeking to compel Musk to buy Twitter is set to start in Delaware Chancery Court on October 17.
But most legal experts believed he faced an uphill battle in convincing Chancellor Kathaleen St. Jude McCormick, the court's head judge, that something changed since the April merger agreement that justifies terminating the deal.
jekearsley I want i want i want won’t cut the mustard.
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Twitter stock surges on reports Elon Musk again proposes buying companyTrading in shares of Twitter was halted after the stock spiked on reports that Elon Musk would proceed with his $US44 billion deal to buy the company after months of legal battles.
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