Twitter Shares Up 23% To $52 After Elon Musk Acquisition Confirmation

New Delhi: Shares of Twitter rose 23 percent to $52 at the close in New York after the tech company confirmed on Tuesday that Tesla CEO Elon Musk had sent a letter saying he would buy the social media company he signed early this year. would go through.

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Shares of the tech company rose with the development of the news moving more than 12.7 percent before shutting down due to volatility. However, when it resumed, it continued to rise to 23 percent.

Shares of Tesla, however, fell by 3 percent. “Twitter has released this statement regarding today’s news: We have received the letter from the Musk parties that they have filed with the SEC (US Securities and Exchange Commission).

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It is the company’s intent to close the transaction at $54.20 per share,” the official Twitter Investor Relations account wrote. Musk has been embroiled in a bitter legal battle with Twitter since announcing in July this year that he pulled out of Purchase from Twitter for $44 billion after a complex courtship.

Tesla CEO claimed that Twitter was not providing enough information about the number of fake accounts on the platform. The social company retaliated against Musk just four days later, filing a lawsuit in the Delaware Chancery Court in the hope that Musk would be forced to buy the company.

Bots or fake accounts can spread misinformation and keep advertisers at bay who want to sell ads to real people. In April, the mercuric CEO had told a Twitter board member that “drastic” action was needed to tackle bots, according to the recently released text messages.

It’s possible Musk changed course again because his lawyers expected him to lose that lawsuit. “This is a clear sign that on his way to Delaware Court, Musk realized that the odds of winning vs Twitter board were highly unlikely and that this $44 million deal would be finalized one way or another,” said Wedbush analyst Dan Ives. Meanwhile, Twitter had called for the dismissal of a lawsuit against him for canceling his deal and subpoenaing the former CEO of Twitter.

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