Elon Musk Revives Buyout Deal with Twitter for $44 billion

Oct 5, 2022 By MarketDepth

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Twitter (TWTR:NYQ) surged higher on Tuesday after Elon Musk confirmed that the deal is still moving forward. For months there have been back and forths and Elon trying to back out of the deal, but he now confirms a share buyout price of $54.20.

Twitter was up 20% on the day from $42 a share to a high of $52. Anyone following the deal closely knows that one of the main topics was bot accounts, which held up the deal for months.

“Buying Twitter is an accelerant to creating X, the everything app. Accelerates X by 3 to 5 years”.

Elon Musk, Tesla CEO

Twitter is one of the few big tech companies that has increased in valuation since the beginning of the year. Twitter is up about 30% on the year while Meta, Snapchat and Pinterest are all down year-to-date.