TWTR - The Twitter Stock Surged on Reports That Large Equity Investors Would Continue to Support Musk's Bid.
Twitter Stock ( NYSE:TWTR )
Twitter stock is up 3% on Monday, marking its most significant gain since last Tuesday when billionaire Elon Musk said he wanted to (conditionally) go through with his proposal to acquire Twitter ( NYSE:TWTR ) and take it private. The Twitter stock had declined for three consecutive trading sessions before today’s increase.
Aside from the 22% increase that occurred on Tuesday, it is now on track to be Twitter’s ( NYSE:TWTR ) greatest session in almost a month, as momentum seems to be shifting toward an actual deal being completed.
It comes at the same time as a report that two large equity investors would continue to honor their pledge to Musk to assist him in funding the $33 billion part of the $44 billion acquisition price of the Twitter stock. According to The Information, Sequoia Capital has already committed $800 million, and the cryptocurrency exchange Binance, which has already pledged $500 million, intends to maintain their respective financial commitments.
The fact that two of the most significant equity investors have reaffirmed their commitment to the transaction is helping to alleviate some of the worries over finance that seem to still be hanging over it.
To provide sufficient time for the closure of the agreement, a high-profile trial scheduled to take place in Delaware’s Court of Chancery has been postponed until October 28; however, if the deal is unable to be finalized, a new trial date will be set for November.
A total of $12.5 billion in debt, compris...
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