Twitter shares rise 22% on Elon Musk’s proposal

Elon Musk changed course and agreed to buy Twitter for the originally agreed price, according to a filing on Tuesday. Twitter shares positively reacted to the news and surged after it was reported that Musk plans to go through with his acquisition at $54.20 a share.

Twitter stock jumped 22% after it reopened. The social media company issued a statement saying it had received the letter and said, “The intention of the Company is to close the transaction at $54.20 per share”.

Elon Musk has apparently changed his mind about buying Twitter, again, and is now willing to proceed with his takeover of the social media platform. The surprise reversal comes just weeks before the two sides were due in court. Twitter, which had sued Musk to force the takeover to move forward, was seen as having the better case.