Twitter shares cruise towards Musk's offer price as deal deadline looms
Twitter Inc's stock (TWTR.N) inched closer to Elon Musk's $54.20 per share buyout offer for the micro-blogging site on Wednesday, signaling that investors finally expect the deal to go through ahead of a court deadline at the end of this week, News.az reports.
Shares of the social media company were last up 0.3% at a near seven-month high of $52.94, the closest they have come to Musk's offer since it was announced in mid-April.
"Market doubt seems to be waning but has not yet completely gone away," said Randy Frederick, managing director of trading & derivatives at Schwab Center for Financial Research.
In the six months of dramatic back-and-forth since Musk announced his bid, Twitter initially resisted the deal by adopting a poison pill and later sued the world's richest man after he announced plans to abandon his offer on concerns about spam accounts on the platform.
Twitter shares dropped as low as $32.50 in July.
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