Shares of Twitter Inc (NYSE:TWTR) are trading higher after-hours Wednesday after a SEC filing shows that Elon Musk is upping his commitment to buy the social media platform to $33.5 billion, according to a report from CNBC.
Musk and Twitter agreed to a $44-billion acquisition deal last month.
Looming Uncertainty: Since the deal was announced, shares of Twitter have traded lower as more questions have been raised about the deal and how Musk will financeit as well as Musk questioning Twitter’s claim that 5% of users are bots.
The letter indicates that Musk got rid of the rest of his margin loan on his shares of Tesla Inc (NASDAQ:TSLA).
The news also comes after a Bloomberg report that former Twitter CEO Jack Dorsey is stepping down from its board of directors.
TWTR Price Action: Twitter shares were 5.62% higher at $39.25 in after-hours trading.
Photo courtesy of Tesla.
