On Tuesday, Elon Musk announced a proposal to buy Twitter at $54.20 a share, triggering a halt to sales of Twitter stock.
According to Bloomberg, Elon presented his offer in a letter to Twitter executives. This act sent share prices of the social media platform to as much as 18%.
This is the latest development in the ongoing battle of selling Twitter to Musk. Earlier this year Musk sought to buy the company for $44 billion or $54.20 per share. This offer was later put into question, after concerns over “bot” accounts came into question. Estimates have put fake “bot” accounts at around 33% of total accounts on the platform.
The withdrawing of the offer started a legal battle in an attempt to force Twitter Musk to buy the company. The company claimed Musk’s wavering on the deal led to a decrease in stock prices. In a press release, Twitter said their second-quarter woes occured because “advertising industry headwinds associated with the macroenvironment as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.”
The court case between Musk and Twitter is set for October 17.