According to a report from Tuesday, Musk proposed to buy Twitter. He sent the proposal for the purchase in a letter and is offering $54 per share. As soon as the news broke out, Twitter’s shares started skyrocketing.
Musk Offers to Buy Twitter, Again
While Elon Musk initially announced his intention to buy Twitter in April, the famous billionaire soon reneged on the offer. According to Musk, one of the key reasons for getting cold feet was the fact that Twitter was being dishonest about the number of bots on its platform.
This claim appeared to be proven right when Peiter “Mudge” Zatko, the former head of security at Twitter, published his now-famous expose on the company in late August. For as of yet unknown reasons, Musk allegedly changed his mind again toward the beginning of October. He is once again offering to purchase the social media giant for the initially-offered price of more than $40 billion.
Similar to how the news of Musk dropping the deal caused Twitter’s shares to tumble, today’s report had a very noticeable effect on the tech company’s stock. Twitter’s shares jumped by nearly 13% within the first hour from $42 to nearly $48.
This is a breaking story. It will get updated as new details emerge.
This article originally appeared on The Tokenist
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