KEY POINTS
Twitter shares were halted on Tuesday after Bloomberg reported that Elon Musk plans to go through with his acquisition at $54.20 a share.
The stock jumped 15% and then was halted for a second time.
Elon Musk has reversed course and is again proposing to buy Twitter for $54.20 a share, according to sources familiar with the matter. A deal could happen as soon as Friday, the sources added.
Twitter shares jumped as much as 15% on Tuesday after Bloomberg first reported on the Tesla CEO’s plans to go forth with his deal to acquire the company. The stock was halted after the report.
A few weeks after Musk agreed to the deal earlier this year, valuing Twitter at $44 billion, he quickly tried to back out, officially informing the company in July of his intentions to terminate the agreement. Twitter sued Musk to force him to go through with the purchase. The two sides were scheduled to go to trial in Delaware Chancery Court on Oct. 17.
$TWTR daily, weekly, and monthly charts
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$TSLA fanbois on $TWTR are beside themselves that today’s news was not as uplifting to Tesla shares.
$TSLA daily, weekly, and monthly charts
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Mish weighs in on the Musk/$TWTR deal:
https://mishtalk.com/economics/elon-musk-circus-show-continues-his-44-billion-offer-back-on-the-table
Musk Hiding Something?
"I believe that last Tweet is spot on. There is something in the offer or subsequent documents that Musk does not want the SEC or someone else to see.
My guess is whatever it is, will come out anyway. Regardless, the word strange does not do justice to this clown show saga."
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Or is he trying to distract from his Ukraine election comment?
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Breakling! Motor Mouth will have to work the phones for more financing:
Apollo Global Management no longer looking to lead preferred financing for Elon Musk’s proposed buyout of Twitter, per Reuters
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One of the leading pumper analysts on Twitter (and he was very wrong about last quarter deliveries) for all things Tesla and Musk, Gary Black, just laid this out on Twitter. And this was before the breaking news Apollo Management was pulling out of being lead investor in the $TWTR purchase.
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