Twitter Stock Rise on Possible Deal With Elon Musk

Twitter Inc. shares rose in pre-market trading on Monday, boosted by expectations that the company could close a deal to sell to Elon Musk later this week.

Twitter's share rose 5.3% in pre-market trading to $51.53, suggesting potential profits when the market opens on Monday. Twitter shares surged this month as investors followed the twists and turns of Mr. Musk's bid to buy the San Francisco-based company.

Mr. Musk said the $54.20 per share offer was his "best and last" offer. The meeting on Sunday was expected to focus on issues such as the amount Mr. Musk would pay if the deal collapsed before it deal was closed.

Twitter shares last traded above $54.20 in November 2021. At the pre-market price of $51.53, the stock is trading about 5% below Mr. Musk's suggested price.

Twitter's share price has risen 24% based on Friday's closing price since Musk announced about 9% of the company's stock in early April. As a result, Twitter is getting higher, overtaking other tech companies and the wider market. The S&P 500 is down 10% annually.

Musk said he wanted to make significant changes to Twitter and said the company should move to a more subscription-based business model. He also said Twitter should ease its attitude towards content moderation.