A Bloomberg news reporter tweeted on Tuesday that billionaire Elon Musk is anticipated to propose moving through with his acquisition of Twitter Inc. at $54.20 a share.
The price of Twitter shares was up 12.7% at $47.93 when trading was again suspended.
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Musk’s attorneys and Twitter were unavailable for comment right away.
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This month, Musk and Twitter were scheduled to appear in court. Twitter was asking the judge to require Musk to consummate the transaction at $54.20 per share.
Musk agreed in April to buy Twitter for $44 billion, but within weeks said the number of bot accounts was much higher than Twitter’s estimate of less than 5% of users.
