Report: Musk Agrees to Buy Twitter for April Price

He offered $54.20 per share at that time
By Newser Editors,  Newser Staff
Posted Oct 4, 2022 12:07 PM CDT
Report: Musk Proposes Buying Twitter at April Price
Elon Musk speaks at the SATELLITE Conference and Exhibition March 9, 2020, in Washington.   (AP Photo/Susan Walsh, File)

Elon Musk told Twitter in a letter that he would go ahead with the purchase of the company at the $54.20 per share that he originally offered in April, sources tell Bloomberg. The New York Times' sources echo that, saying the offer was made Monday night. The AP reports Twitter shares jumped nearly 13% on the news to $47.95 before trading was halted. Musk has been engaged in a months-long effort to back out of the deal, which had been approved by shareholders, claiming Twitter hadn't provided an accurate count of spam bot accounts on its platform. Twitter sued when Musk called off the deal in July, and that trial is set to start Oct. 17.

As the AP observes, "most legal experts believed [Musk] faced an uphill battle in convincing Chancellor Kathaleen St. Jude McCormick, the court’s head judge, that something changed since the April merger agreement that justifies terminating the deal." The Times reports that were the deal to go through at the original price, it would be a "victory" for Twitter. The two sides reportedly met in court Tuesday to go over Musk's proposal. (More Elon Musk stories.)

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