Elon musk

Twitter stock was halted twice and rose around 13% in midday trading Tuesday following reports that Elon Musk has proposed to move forward with his deal to ...

Twitter General Counsel Sean Edgett said in a message to employees Tuesday that the company had received Musk’s letter and planned to close the deal at $54.20 per share. Twitter claimed that Musk had breached the deal and was using bots as a pretext to exit a deal he’d gotten buyer’s remorse over after the broader market decline, which also hurt Tesla stock and, by extension, Musk’s personal wealth. The deal had originally been set to close this month. Musk has also said he wants to make Twitter more open to “free speech” and could change its content moderation policies. “It is best for all parties to finish the deal and make a quick and seamless transition. However, Twitter may not want to hit pause on the litigation, per Musk’s proposal, until the deal is officially closed, according to Columbia Law School professor Eric Talley. The messages offered a look at the cast of Silicon Valley insiders and billionaires — from Larry Ellison to members of the Murdoch family — who contacted him to weigh in on and, in some cases, offer financing for the deal. “Twitter is probably going to say, ‘look, we definitely want to engage you on this … Twitter CEO Parag Agrawal had been set to be deposed by Musk’s lawyers on Monday, and Twitter’s lawyers had planned to depose Musk starting on Thursday. “The very public saga has certainly taken a toll on them and Twitter employees,” White said. Twitter’s board will likely agree to move forward with closing the deal, according to Josh White, assistant professor of finance at Vanderbilt University. After the stock resumed trading, it was up more than 20%, topping $51 a share and approaching the agreed upon deal price for the first time in months.