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NYSE Halts Twitter Trading After Report Says Elon Musk Plans To Follow Through With Acquisition

04 Oct 2022

According to reports, Tesla’s Elon Musk now plans to purchase Twitter Inc. for the original asking price of $54.20 a share. Twitter’s shares surged following the news and climbed nearly 20% higher and trading was halted twice so far.

It seems Elon Musk is planning to follow through with his deal to acquire Twitter (NYSE: TWTR) after he wanted to drop the deal over a lack of information concerning automated accounts known as bots. The news follows the recent shareholders’ vote that saw Musk overwhelmingly chosen by the majority of shareholders. Bloomberg was the first to report on the news on Tuesday, October 4, 2022, and after Bloomberg’s report was published, Twitter shares surged causing NYSE’s equity markets to halt trading.

At press time, Twitter shares are up 12.67% and the price is around $47.93 per TWTR share. The report stemming from Bloomberg, written by Jef Feely and Ed Hammond cites people with knowledge of the matter and it is said that Musk wrote a letter to Twitter. According to CNBC, the newsdesk “independently confirmed Musk’s renewed offer.” The latest deal also follows the commentary between the former Twitter CEO Jack Dorsey and the Tesla executive.

The texts between Dorsey and Musk explain why Dorsey decided to leave Twitter as he stressed that the social media platform should have never become a company. “A new platform is needed. It can’t be a company. This is why I left,” Dorsey wrote. The Twitter founder further added that the social media platform should be “an open source protocol, funded by a foundation of sorts that doesn’t own the protocol, only advances it.”

Furthermore, Musk was fighting with Twitter about lack of information concerning the social media platform’s number of automated accounts. He explained that he was going to walk away from the deal and he outlined some of the reasons why he want to terminate the purchase. Prior to the recent letter to Twitter that says Musk will go through with the purchase, the two parties (Musk & Twitter) were planning to convene in court on October 17 over the disagreements and termination.

What do you think about the reports that say Elon Musk is now going to follow through with the Twitter acquisition? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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