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Musk's Twitter Deal is Back On, Sending Shares Skyrocketing

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For months now, Tesla and SpaceX chief Elon Musk has been locked in a brutal legal fight with Twitter, the world’s most powerful social media platform, over a potential deal for the eccentric billionaire to take control of the company.

At the heart of the issue were concerns that Musk had about fake users, spam bots, and bad actors on the platform, the Twitter suggesting that the problem was much smaller than Musk’s research had discovered.

Now, after several legal threats from both sides of the courtroom, it appears as though Musk is ready to follow through with the original deal.

Elon Musk has reversed course and is again proposing to buy Twitter for $54.20 a share, according to a regulatory filing on Tuesday. Twitter shares closed up more than 22% on the news.

The social media company issued a statement saying it had received the letter and said, “The intention of the Company is to close the transaction at $54.20 per share.”

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The involved parties are wasting no time.

A deal could happen as soon as Friday, sources told CNBC. The stock was halted earlier in the day after Bloomberg first reported on the Tesla CEO’s plans to go forth with his deal to acquire the company.

And, as a bit of a bonus for fans of Elon Musk, Tesla shares also had a small increase in value, finishing the day up 3%.

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About the Author:
As a lifelong advocate for the dream promised us in the Constitution, Andrew West has spent his years authoring lush prose editorial dirges regarding America's fall from grace and her path back to prosperity. When West isn't railing against the offensive whims of the mainstream media or the ideological cruelty that is so rampant in the US, he spends his time seeking adventurous new food and fermented beverages, with the occasional round of golf peppered in.