(TheRedAlertNews.com) – BREAKING NOW: In a stunning development that caught Wall Street off-guard, Elon Musk has offered to go ahead and buy Twitter at the initially offered price.
Trading in Twitter’s stock was halted when the news broke.
As CNBC notes:
“Elon Musk has reversed course and is again proposing to buy Twitter for $54.20 a share, according to sources familiar with the matter.
“Twitter shares jumped 15% on Tuesday after Bloomberg first reported the Tesla CEO’s plans to go forth with his deal to acquire the company. The stock was halted after the report.” [emphasis added]
The news comes just weeks before Twitter and Musk were due in court to battle one another over opposing claims dealing with the percentage of fake accounts and bots on Twitter.
“A few weeks after Musk agreed to the deal earlier this year, valuing Twitter at $44 billion, he quickly changed course and tried to back out of the agreement. Twitter sued Musk to force him to go through with the purchase. The two sides were scheduled to go to trial in Delaware Chancery Court on Oct. 17.” [emphasis added]
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