Elon Musk is ready to go through with his Twitter acquisition for the initial offer price of $54.20, Bloomberg reported Tuesday.
The Tesla CEO made the proposal in a letter to Twitter, according to unnamed sources with knowledge of the matter, Bloomberg reported.
Twitter’s shares climbed over 18% after this news before trading halted.
Musk offered to buy Twitter in April after becoming one of its biggest shareholders and rejecting his spot on the social media company’s board. A few weeks later, when Twitter agreed to sell, he decided to hold off on the deal claiming that Twitter had given misleading information regarding the number of “human” users on the platform.
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