by Fred Fuld III
Do you remember back in April when Elon Musk, the head of Tesla (TSLA) said that he was buying Twitter (TWTR) at $54.20 per share?
However, Musk attempted to back out of the agreement, primarily giving a reason of too many fake Twitter accounts.
But Twitter sued Musk in court for performance, requesting that he go through with the deal.
According to sources, Musk has decided to move forward with the takeover of Twitter.
This happened just shortly before a deposition was taken of Musk by Twitter lawyers.
The news caused Twitter to spike in price today, closing at $52 per share, up $9.14 or 22.24%. In after-market trading, the stock dropped a little from its close, falling 70 cents.
This transaction will cost Elon Musk $44 billion.
Disclosure: Author did not own any of the above at the time the article was written.