Tesla CEO agrees on $44B

5 October 2022
2022-10-05 11:47

The tumultuous saga of Elon Musk's on-again off-again purchase of Twitter has taken a turn toward a conclusion.

The mercurial Tesla CEO proposed to buy the company at the originally agreed-on price of $44 billion. Musk made the proposal in a letter to Twitter that the company disclosed in a filing Tuesday with the U.S.

Securities and Exchange Commission. It comes less than two weeks before a trial between the two parties is scheduled to start in Delaware.

In a statement, Twitter said it intends to close the deal at $54.20 per share. Trading in Twitter's stock had been halted for much of the day pending release of the news. It resumed trading late Tuesday and soared 22% to close at $52.

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