Musk revives Twitter deal

Billionaire Elon Musk agreed to stick with his offer to purchase Twitter at $54.20 per share, according to a regulatory filing. Musk originally signed on to buy the social media giant in April for a total of about $44 billion but has since tried to back out of the deal. He accused Twitter of underreporting the number of fake accounts on its platform. Twitter sued Musk, and the two parties were set to appear in court later this month.

What does this mean for Twitter? The company’s stock value spiked by 22 percent Tuesday, closing at $52 per share. Musk’s decision could keep him out of a courtroom battle that might have increased the price he would ultimately pay for the company.

Dig deeper: Read Shane Morris’ column for WORLD Opinions about how a Twitter backlash demonstrates his generation’s short-sightedness.