Twitter shares halted ?
Twitter shares halted after reports Elon Musk to move forward with $44 billion deal to buy the company
Trading in shares of Twitter were halted after the stock spiked
Musk offered to buy the San Francisco company at $54.20. Shares jumped nearly 13% to $47.95 before trading stopped
Musk sent a letter to Twitter offering to complete the deal, which already has shareholder approval, at the original price.
The trial seeking to compel Musk to buy Twitter is set to start in Delaware Chancery Court on Oct. 17.
Musk’s argument for winning the case — and thus walking away from the deal — has largely rested on his allegation
that Twitter misrepresented how it measures the magnitude of “spam bot” accounts that are useless to advertisers.
But most legal experts believed he faced an uphill battle in convincing Chancellor Kathaleen St. Jude McCormick, the court’s head judge
that something changed since the April merger agreement that justifies terminating the deal.