The symbol for Twitter appears above a trading post on the floor of the New York Stock Exchange, Tuesday, Oct. 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.
Musk made a renewed offer to take over the social media platform earlier this week, hoping to end a protracted legal dispute that began when Musk tried to back out of the April deal and Twitter sued.Twitter said earlier this week that it intends to close the deal at the agreed-upon price, but the two sides are still booked for an Oct. 17 trial in Delaware over Musk’s earlier attempts to terminate the deal.
Since Twitter sued Musk to force him to complete the purchase after he tried to back out four months ago, it is unlikely the San Francisco-based company — whose shareholders have voted to approve the deal — will walk away from the agreement. Eric Talley, a Columbia University law professor, tweeted Thursday that Twitter “is absolutely right not to take ‘yes’ for an answer, and everyone knows why. .” He added that Twitter would, however, take a “certified bank transfer” from Musk.