NYSE suspends Twitter trading after Elon Musk announces plans to execute acquisition – Bitcoin News

According to reports, Tesla’s Elon Musk is currently planning to buy Twitter Inc. at the original asking price of $54.20 per share. Twitter’s stock price surged on the news, rising nearly 20% and has been suspended twice so far.

Report claims Tesla’s Elon Musk to buy Twitter at original asking price

Elon Musk planned to go ahead with the deal to acquire Twitter (NYSE: TWTR) after he wanted to pull the deal citing a lack of information about automated accounts known as bots. And it seems. The news follows a recent shareholder vote that found Musk overwhelmingly elected by the majority of shareholders. Bloomberg was the first to report the news on Tuesday, October 4, 2022, and after Bloomberg’s report was published, Twitter’s shares surged and the NYSE stock market stopped trading.

At the time of writing, Twitter stock is up 12.67%, priced at approximately $47.93 per TWTR share. A report from Bloomberg written by Jeff Feely and Ed Hammond cites people familiar with the matter, and Musk is said to have written to Twitter. According to CNBC, the newsdesk has “independently confirmed Musk’s new proposal.” The latest deal also follows comments between former Twitter CEO Jack Dorsey and Tesla executives.

The text between Dorsey and Musk explains why Dorsey decided to leave Twitter, emphasizing that the social media platform should never have been a company. “We need a new platform. It can’t be a company. This is why I left,” Dorsey wrote. The Twitter founder further added that the social media platform should be “an open source protocol, funded by a foundation that does not own the protocol and only promotes it.”

Additionally, Musk had a dispute with Twitter over the lack of information about the number of automated accounts on the social media platform. He explained that he was walking away from the deal and outlined some of his reasons for wanting to end the purchase. It was scheduled to meet in court on October 17 for disagreement and termination.

What are your thoughts on the reports that Elon Musk is about to go through with the acquisition of Twitter? Let us know your thoughts on the matter in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols currently emerging.