© Reuters
By Yasin Ebrahim
Investing.com — Twitter rallied in afterhours trading Wednesday on signs that Elon Musk has increased his conviction in getting the $44 billion deal to take the social media company private over the line.
Twitter (NYSE:) was up 7% in afterhours to $37.16, though that is still below the $54.20 a share take-private offer.
Musk increased his commitment in the Twitter deal to $33.5 billion from $21 billion.
The news eased fears that Musk was potentially looking at walking away from the deal, or negotiating a lower price after the Tesla CEO flagged concerns about the number of fake accounts on the social media platform.
Musk is also in discussion with Twitter founder and former chief executive Jack Dorsey and others to “help finance, or roll their shares over, to complete the deal,” CNBC reported.
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