On Wednesday, Twitter shares approached the $54.20 per share purchase price proposed by Elon Musk for the microblogging platform. This move indicates that investors are finally anticipating a deal that could be completed before the court’s deadline this week.
The social network’s shares rose 0.5%, reaching a level of almost seven months, reaching US$53.05 in the pre-market, which represents the maximum proximity to Musk’s offer, announced in mid-April.
Over the past six months, there has been a dramatic scramble since Musk revealed his offer. Initially, Twitter resisted the agreement, adopting a strategy of resistance. It later sued the world’s richest man after he expressed his intention to withdraw his offer, citing concerns about spam accounts on the platform.
Twitter shares fell to as low as US$32.50 in July. Earlier this month, Musk committed to maintaining his original offer of US$44 billion and requested the dismissal of a lawsuit filed by the social network, which boosted Twitter’s shares by 24%.
According to information, Tesla’s CEO informed the co-investors who agreed to finance his acquisition of Twitter, worth US$44 billion, that he intends to conclude the agreement to purchase the social network by Friday. This was revealed by a source familiar with the matter to Reuters on Tuesday.
Additionally, banks that had provided $13 billion to finance the deal abandoned plans to sell the debt to investors due to uncertainty over Twitter’s financial situation, as Reuters reported last week.
