Twitter shares rise amid reports company will accept Musk's $43 billion offer

Twitter Inc is reportedly set for a deal to sell itself to Musk for $54.20 per share in cash - the amount that the Tesla CEO originally offered to the social media giant and called his “best and final”.

Updated on: Apr 25, 2022, 19:34:07 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Twitter Inc's shares jumped at the opening of Wall Street trading on Monday amid reports the social media giant will soon accept Tesla CEO Elon Musk's offer to takeover, reported news agency AFP.

Elon Musk's account is seen through Twitter logo in this illustration.  (REUTERS)

About 10 minutes into trading, Twitter stock was trading 3.7 per cent higher. However the tech-rich Nasdaq Composite Index was down 0.5 per cent at 12,778.57, and the broad-based S&P 500 had lost 0.7 per cent to 4,240.83.

The benchmark Dow Jones Industrial Average had fallen 0.5 per cent to 33,639.01.

Twitter Inc is all set for a deal to sell itself to Musk for $54.20 per share in cash - the amount that the Tesla CEO originally offered to the social media giant and called his “best and final”, people familiar with the matter said, news agency Reuters earlier reported.

The report, citing sources, added that Twitter may announce the 43 billion in cash deal later on Monday once its board has met to recommend the transaction to Twitter shareholders.

Twitter and Musk did not immediately comment on the development.

The world's richest person has been negotiating to buy Twitter in a personal capacity.

Twitter shares were up 4.5 per cent in pre-market trading in New York on Monday at $51.15, Reuters added.

Musk has said Twitter needs to be taken private to grow and become a genuine platform for free speech.

Musk has been meeting with Twitter shareholders in the last few days, seeking support for his bid.

On Sunday, facing the pressure of shareholders, Twitter Inc kicked off deal negotiations with Musk. The Tesla and SpaceX chief had made the offer earlier this month. Musk had shaken up Twitter after he shared his letter on the micro-blogging site.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.