Twitter Inc's stock surged on Tuesday after billionaire Elon Musk proposed to go ahead with his takeover of the social media platform at $54.20 per share.
Register now for FREE unlimited access to Reuters.comEarlier, Twitter's stock had been halted after a report from Bloomberg News about Musk's plans.were exchanged, the highest turnover for the electric vehicle since mid-August, according to Refinitiv data.Musk and Twitter were set to enter the courtroom this month, with Twitter seeking an order directing Musk to follow through on his agreement last April to buy the company for the agreed-to price.
Tesla's stock has been under pressure since Musk agreed to buy Twitter, with investors concerned about how much of the car maker's shares he might sell to fund the purchase.The possibility that Musk might follow through on his deal hasin recent months from a meltdown in the shares of other social media companies amid a broad Wall Street sell-off over worries about rising interest rates and a weak economy.
With Tuesday's gains, Twitter is up 20% year-to-date, versus a drop of more than 50% in Facebook owner Meta Platforms Inc
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