Twitter shares surge 22% after Musk agrees to buy company at original price

Hours after twitter revealed that Tesla Chief Elon Musk will continue with his Twitter buyout deal, its shares surged by 23 per cent to $ 52 on New York Stock Exchange.

The Twitter shares opened at $42 on NYSE on Tuesday. But it didn't take much time for the excited investors to cause the Twitter shares price to jump by 12.7 per cent. However, its shares were halted due to the volatility caused by the development of news.

After the resumption of shares at NYSE, tech firm's shares continued to rise and ultimately marked a surge of 23.7 per cent at the end of NYSE.

The official account of the micro-blogging site confirmed the deal in its recent tweet. The tweet mentioned the letter from the Musk parties which they have filed with the SEC. Musk has offered to continue with the old deal and close the transaction at $54.20 per share.