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Shareholders make N3.16tr as Elon Musk proposes to buy Twitter at original price

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The microblogging platform, Twitter’s market valuation rose by 22.09 percent on Tuesday.

This followed a report that the world’s richest man, Elon Musk, has proposed to acquire Twitter for $44 billion in a bid to stop the case filed by the company’s board.

A court in the United States had fixed October 17 for a hearing in the application filed by the Twitter board after the Tesla founder pulled out of the deal in July.

Persons close to the deal told Bloomberg Musk is willing to move forward with the $44 billion to avoid the court hearing.

Twitter stock price had closed at $42.59 per share on Monday, however, but the investors’ demand for the shares pushed up the price to $52 per share on Tuesday.

READ ALSO: Elon Musk, Jack Dorsey, two others to testify at Twitter acquisition dispute

This increased Twitter’s market valuation to $39.79 billion from the $32.55 billion posted on Monday.

Ripples Nigeria’s market analysis shows that the company’s shareholders made roughly $7.2 billion (N3.16 trillion) in investment during trading.

Musk had hinted that he would proceed with the deal if Twitter reduces the value after the discovery of a higher percentage of bot accounts.

This was after the South Africa-born billionaire terminated the deal over the percentage of spam accounts in Twitter monetised Daily Active Users (mDAU), which the company had claimed was less than five percent.

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