Twitter (TWTR) has accepted a $54.20-a-share buyout offer from Tesla CEO Elon Musk, valuing the social media company at about $44 billion in cash, according to a press release.
Once the deal is completed, Twitter will become a privately held company.
Twitter shares rose about 5.5% to $51.63 on Monday before trading was halted in the afternoon pending news. The $54.20 per share offer represents a premium of about 38% to Twitter's close on April 1, 2022, the last trading day before Mr. Musk disclosed his stake in Twitter.
Meanwhile the price of dogecoin (DOGE) surged more than 20% since reports of a deal being likely surfaced on Monday morning. Some investors speculate that Musk's fondness for DOGE mean it might play a bigger role in Twitter payments if he were to own the company.
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