Elon Musk Proposes to Proceed With Twitter Acquisition

Alongside a spike in Twitter shares, Musk crypto favorite dogecoin has moved higher.

AccessTimeIconOct 4, 2022 at 4:20 p.m. UTC
Updated May 9, 2023 at 3:58 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Stephen  Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.