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Elon Musk Proposes to Proceed With Twitter Acquisition

Christian Marquardt - Pool/Getty Images

Tesla (TSLA) CEO Elon Musk has proposed moving forward with his on-again/off-again agreement to buy Twitter (TWTR) at the originally agreed upon price of $44 billion, or $54.20 per share, according to a letter from Musk's attorneys to Twitter's lawyers that was also filed with the SEC.

The letter also requested an immediately stay of the lawsuit Twitter had filed against Musk to get him to move forward with the deal; that suit was set to go to trial in just two weeks.

In a tweet from Twitter investor relations on Tuesday afternoon, the company said they had received the letter Musk and his attorneys and that “the intention of the Company is to close the transaction at $54.20 per share.”

Twitter's shares surged 13% on the news and were halted on Tuesday morning at $47.96. They briefly resumed trading at the end of the day and finished trading up 22% to $52.05. Also on the move was Musk's favored meme coin, dogecoin (DOGE), which rose 7.5% to about $0.0645.

Bloomberg was first to report on the news.

CORRECTION (Oct. 4, 19:29 UTC): A previous version of this story incorrectly stated that dogecoin had risen to about 64 cents on the news. It actually had risen to $0.0645.

UPDATE (Oct. 4, 19:29 UTC): Removed "reportedly" from headline and first paragraph, added link to information about the letter.

UPDATE (Oct. 4, 20:41 UTC): Added information about tweet from Twitter.