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Twitter surges as Musk proposes going through with deal

Stock Markets Oct 04, 2022 04:30PM ET
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© Reuters. Twitter logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration
 
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By Noel Randewich

(Reuters) - Twitter Inc (NYSE:TWTR)'s stock surged on Tuesday after billionaire Elon Musk proposed to go ahead with his takeover of the social media platform at $54.20 per share.

Twitter jumped over 22% to end at $52.00 after a securities filing showed Musk intends to go ahead with his April offer of $44 billion to take Twitter private, signaling an end to a legal battle that could have forced Musk to pay up. Musk is also chief executive of electric car maker Tesla (NASDAQ:TSLA) Inc.

Tesla gained 2.9% to $249.44, down from an earlier high of $257.50.

Earlier, Twitter's stock had been halted after a report from Bloomberg News about Musk's plans.

Over $27 billion worth of Tesla shares were exchanged, the highest turnover for the electric vehicle since mid-August, according to Refinitiv data.

GRAPHIC-Elon Musk vs Twitter

https://fingfx.thomsonreuters.com/gfx/mkt/znvneylmkpl/Pasted%20image%201664901210577.png

Musk and Twitter were set to enter the courtroom this month, with Twitter seeking an order directing Musk to follow through on his agreement last April to buy the company for the agreed-to price. Musk ripped up the deal in August, saying he was misled about the number of spam accounts on Twitter.

Tesla's stock has been under pressure since Musk agreed to buy Twitter, with investors concerned about how much of the car maker's shares he might sell to fund the purchase.

GRAPHIC-Musk shields Twitter from social media meltdown

https://fingfx.thomsonreuters.com/gfx/mkt/zjvqkxnmrvx/Pasted%20image%201664904623282.png

The possibility that Musk might follow through on his deal has shielded Twitter's stock price in recent months from a meltdown in the shares of other social media companies amid a broad Wall Street sell-off over worries about rising interest rates and a weak economy.

With Tuesday's gains, Twitter is up 20% year-to-date, versus a drop of more than 50% in Facebook (NASDAQ:META) owner Meta Platforms Inc .

Twitter surges as Musk proposes going through with deal
 

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Comments (2)
John Laurens
John Laurens Oct 05, 2022 6:56AM ET
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rrrright - halt the stock because a conservative might buy it at a discount! Can't have that for goodness sake! This country is a pathetic joke when liberals and their feelings call shots.
Roger LaPlante
Roger LaPlante Oct 04, 2022 1:56PM ET
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So why hault the stock !!! Its an open market they disnt hault it when in tanked and alot of us lost a fortune…… such bs
 
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