Twitter Stock Jumps on Report Musk Plans to Go Through With Deal

By Will Feuer

Shares of Twitter Inc. jumped 13% after a report said Elon Musk has proposed going through with his deal to buy the social-media company for $54.20 a share.

The stock surged as much as 16% after the report from Bloomberg News surfaced. Trading in the stock was halted, with shares about 13% higher at $47.95.

Bloomberg said Mr. Musk made the proposal in a letter to Twitter, citing two people who asked not to be identified discussing confidential information.

In July, Twitter sued Mr. Musk over the billionaire's attempt to walk away from the buyout deal, seeking to force him to honor the terms of the deal. Mr. Musk later countersued the company, saying Twitter misrepresented the condition of its business and key metrics about the users on its platform before he agreed in April to buy the company for $44 billion.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

October 04, 2022 12:44 ET (16:44 GMT)

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