Bloomberg: ‘Elon Musk Proposes to Buy Twitter for Original Price of $54.20 a Share’

Jef Feely and Ed Hammond, reporting an hour ago for Bloomberg:

Elon Musk is proposing to buy Twitter Inc. for the original offer price of $54.20 a share, Bloomberg News reports.

Musk made the proposal in a letter to Twitter, according to people familiar with the matter, who asked not to be identified discussing confidential information. Shares in Twitter climbed as much as 18% on the news, after trading was briefly halted.

The roller coaster is back in action.

Update: Twitter user “NYCSouthpaw” has posted the actual letter from Musk’s attorney, and observes:

The text of the letter is helpful because (to my eyes, at least) it makes clear — much more clear than the news articles about it — that Musk is seeking an adjournment of the trial and his upcoming deposition without actually promising anything new or giving up anything at all.

Basically, Twitter is taking Musk to court to make him go through with his legally-binding offer from April. Musk today is proposing that if Twitter drops the suit, he will ... go through with his offer from April.

★ Tuesday, 4 October 2022