Elon Wants Twitter...Again

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And we're off...just before the trial to take place at the Delaware Court of Chancery, Elon Musk has rescinded the previous reversal of his initial takeover offer of $44 billion to purchase Twitter. Shortly after his offer was accepted by the Twitter Board in April, Elon was trying to get out of the deal with Twitter. After a lot of information has been released about Elon's private texts with different peers about backing his Twitter purchase, by way of the discovery process by Twitter in the upcoming trial, an SEC filing was made by Elon, yesterday, on his intent to continue with the purchase.

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Twitter has been standing by its word to continue with the sale to Elon at the purchase price of $54.20/share, which was the price that Elon set for the purchase. However, the share price has drastically fallen over the last several months, as advertising markets have suffered from economic issues. When I wrote about this on August 5th, the share price was $41.92. On the heels of the news today, the share price skyrocketed over 22% to close at $52.00/share, only 4.1% lower than the bid price.