27.2 C
Sunday, March 26, 2023

Twitter Shares Halted After Report Elon Musk to go Ahead With $44bn Buyout

Must read

Listen now
- Advertisement -
- Advertisement -

Twitter shares have been suspended following a report that Elon Musk will proceed with a takeover of the social media platform.

Mr Musk is set to buy Twitter at the original price he offered months ago before he walked away from a deal, sources told US media.

Shares in Twitter were up almost 13% before trading was halted.

Mr Musk was due to face Twitter in court later this month after he tried to pull out of the takeover.

But reports said he sent a letter to Twitter this week offering to honour the terms of the original deal.

Mr Musk, a prolific Twitter user with more than 100 million followers, had offered to pay $54.20 per share for the company in April. The agreement valued the social media platform at roughly $44bn.

At the time the billionaire, known for his impulsive style, said he wanted to clean up spam accounts on the platform and preserve it as a venue for free speech.

But he balked at the purchase just a few weeks later, citing concerns that the number of fake accounts on the platform was higher than Twitter claimed.

Twitter denied the accusations and sued Mr Musk to force the deal to go through.

The back-and-forth came amid a sharp downturn in the value of technology stocks, including Tesla, the electric car company that Mr Musk leads and is the base of much of his fortune.

Twitter accused Mr Musk – the world’s richest person with a net worth of more than $220bn – of wanting out because he was worried about the price.

The fight between Mr Musk and Twitter, which was scheduled to go to trial 17 October, saw the two sides face off in lengthy court filings, private messages and bitter public spats on Twitter.

- Advertisement -
- Advertisement -

More articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article