The daily business briefing: October 5, 2022

Musk renews offer to buy Twitter at original price after trying to back out, the U.S. national debt hits $31 trillion, and more

Elon Musk and Twitter
(Image credit: Pavlo Gonchar/SOPA Images/LightRocket/Getty Images)

1. Musk renews offer to buy Twitter in reversal

Billionaire entrepreneur Elon Musk has renewed his $44 billion offer to buy Twitter, just weeks before the social media company is scheduled to try to force him in court not to abandon the deal. Musk sent a letter to Twitter offering to buy it at his original price, $54.20 per share, Bloomberg reported Tuesday. Twitter shares shot up 22 percent to close at $52 a share in New York after the news broke. Twitter confirmed it had received the letter and will go through with the deal. Musk, the CEO of Tesla and SpaceX, told Twitter in July he was backing out of the deal because it had failed to provide adequate data on how many of its accounts are fake. Twitter promptly filed a lawsuit seeking to force him to go through with the purchase.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.