Twitter shares halt as Elon Musk offers to buy company
Trading in Twitter shares was halted on Tuesday, October 4, as Elon Musk again offered to buy the social media company.
After trying to walk out of the spam accounts deal in a row, and just weeks before he was due to go to court to settle the dispute, Elon offered to buy Twitter at his original offer. of $54.20 per share.
News of his offer surfaced and sent the company’s stock price up 13%.
In April 2022, Elon Musk offered to buy Twitter for $44 billion. However, after months of back and forth, he tried to back out of the deal in July, citing Twitter’s apparent refusal to provide enough information about the number of active spam and bot accounts on the site.
Twitter sued him for trying to opt out, and Musk and Twitter were due to appear in a civil trial in a few weeks.
Tuesday’s new proposal marks the end of that dispute, although it’s unclear what caused Musk to change his mind.
He is now likely to own the company within days, sources cited by CNBC said.
It comes days after US businessman Ari Emanuel, one of Musk’s friends, urged Twitter to reach a settlement with him before the court date.
Emanuel, the CEO of Endeavour, recently reached out to Twitter board member Egon Durban, urging him to end the dispute.
Musk’s withdrawal from the court battle signals the end of a months-long dispute.