Elon Musk proposes buying Twitter at original price

Elon Musk wants to buy Twitter at $54.20 per share, according to a proposal he made to the social platform. The issue included a lawsuit scheduled for trial later this month.

Elon Musk sent a proposal to Twitter saying that he is willing to go forward with his acquisition of the company at the original price of $44 billion, according to a letter from Musk's lawyer filed Tuesday with the Securities and Exchange Commission.

The news, first reported by Bloomberg, sent Twitter's shares up as much as 22% Tuesday after an hours-long halt in trading. Musk could not immediately be reached for comment.

The deal will move forward if the Delaware court currently hearing Twitter's lawsuit against Musk puts an immediate stop to the case, Musk said in his proposal to Twitter on Monday.

Twitter said in a statement: "We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share."

The proposal could end a monthslong saga between the two sides that included a lawsuit scheduled to be argued at trial in a Delaware court month.

https://www.nbcnews.com/business/business-news/elon-musk-twitter-acquisition-deal-proposal-rcna50225

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