Twitter legs up 7% to session high as $44 billion Musk takeover inches closer
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- Twitter (NYSE:TWTR) has ticked up again, now +6.5% to Monday's session high, as Dow Jones updates its coverage to note that an acquisition deal from Elon Musk is coming together with a $44 billion valuation, slightly higher than previously reported.
- That's essentially what Musk promised with his first (and "best and final") offer of $54.20/share, possibly with an updated share count to account for a slightly higher valuation.
- Failing any last-minute snags, an announcement could come after the market closes today, if not sooner, Wall Street Journal sources say.
- Updated: Digital World Acquisition Corp., the special-purpose acquisition company taking Trump's Truth Social media platform public, has sunk 14%.
- Updated 1:17 p.m.: Twitter stock has settled in to a 6% gain on the day to $51.85, still a bit short of Musk's $54.20/share offer. Volume has surpassed double daily average, with 97.6 million shares and counting changing hands.
- Updated 2:09 p.m.: Reuters reports that Twitter hasn't received competing acquisition offers from companies or private-equity firms as it seems increasingly likely it's headed for a deal with Musk.