Twitter accepts Musk’s offer to buy the social network for $44 billion

Twitter on Tuesday showed its willingness for Telsa CEO Elon Musk to acquire the social network for $44 billion, as they had previously agreed.

“The company’s intention is to close the transaction for $54.20 a share,” Twitter wrote in reaction to a Musk proposal that was sent hours earlier to the company and the US Securities and Exchange Commission.

Shortly after confirming that he would buy the online messaging service last July, Musk backtracked on the transaction, arguing that he had found a material breach of several provisions of the deal, including the number of fake accounts counted by the company.

In response, Twitter sued the businessman, which led to the opening of a judicial process that was scheduled to begin on October 17 in Delaware, and that is supposedly now paralyzed.

Stock Market Reaction

Twitter shares rose 22.24% to $52.00 at the close on Wall Street on Tuesday, after tycoon Elon Musk resumed his offer to buy the social network for $44 billion and the company will show its willingness to the transaction.

“The company’s intention is to close the transaction for $54.20 a share,” Twitter wrote in reaction to a proposal from Musk that was sent hours earlier to the company and the US Securities and Exchange Commission (SEC).

For its part, the shares of Tesla, where Musk is the executive director, rose 2.90% at the close, to 249.44 dollars.

However, despite closing the day in green, this is a drop when compared to the value of Tesla shares in the middle of the session, before Musk’s change of decision was known, since they were trading at 256.29 Dollars.