Elon Musk has reversed course and is again proposing to acquire Twitter for $54.20 a share, according to a regulatory filing on Tuesday. Twitter shares added more than 22% on the news.
The social media firm issued a statement saying it had received the letter and said, “The intention of the Company is to close the transaction at $54.20 per share.”
A deal is likely to happen as soon as Friday; sources told CNBC. The stock was plummeting earlier in the day after Bloomberg first reported on the Tesla CEO’s plans to go forth with his deal to acquire the company.
Musk abandoned the deal after he alleged that Twitter was misstating the number of “bots” on its service as one of the reasons he was reneging on the deal.
Musk also alleged Twitter failed to provide him with the necessary data related to spam and bots, which Twitter denied.
Twitter alleged Musk was looking for a reason to back out of the deal when the company’s shares plunged significantly alongside a broader decline in the broader market.
