UPDATED 11:01 AM PT – Tuesday, October 4, 2022
On Tuesday, Elon Musk announced that he is reversing course and now plans to go through with his original acquisition of Twitter for $44 billion, or $54.20 a share.
The Tesla CEO announced the deal to buy the social media company earlier this year. However, the acquisition was temporarily put on hold after Musk questioned the number of fake accounts on the platform, with Twitter claiming the “bot” accounts only represented less than 5% of its users. Musk claimed that the company failed to provide him with the necessary data related to spam accounts. Twitter denied the accusations and alleged the billionaire was looking for a way to get out of the deal after the company’s shares dropped. The two parties were scheduled to go to court on October 17th.
According to Bloomberg, Twitter shares jumped 15% after Musk announced he is continuing his acquisition. If all goes as planned, a deal could happen as soon as Friday.