Twitter Stock Jumps on Report Musk Plans to Go Through With Deal
October 04 2022 - 12:59PM
Dow Jones News
By Will Feuer
Shares of Twitter Inc. jumped 13% after a report said Elon Musk
has proposed going through with his deal to buy the social-media
company for $54.20 a share.
The stock surged as much as 16% after the report from Bloomberg
News surfaced. Trading in the stock was halted, with shares about
13% higher at $47.95.
Bloomberg said Mr. Musk made the proposal in a letter to
Twitter, citing two people who asked not to be identified
discussing confidential information.
In July, Twitter sued Mr. Musk over the billionaire's attempt to
walk away from the buyout deal, seeking to force him to honor the
terms of the deal. Mr. Musk later countersued the company, saying
Twitter misrepresented the condition of its business and key
metrics about the users on its platform before he agreed in April
to buy the company for $44 billion.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
October 04, 2022 12:44 ET (16:44 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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