Twitter jumped after Musk increased his offer to $ 33.5 billion

Elon Musk, during an event at SpaceX headquarters in Hawthorne, California, USA, on Thursday, October 10, 2019.

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New documentation reveals that Elon Musk plans to offer $ 33.5 billion in his offer to take over Twitter.

Musk is in talks with founder and former Twitter CEO Jack Dorsey and others to help finance or transfer their shares to complete the deal. In a letter to investors supporting the holding company that Musk set up to make Twitter private, the billionaire expressed his commitment to completing the deal.

Shares of Twitter rose more than 6% due to the news.

As previously reported by CNBC’s David Faber, Elon Musk is expected to serve as interim CEO of Twitter for several months after completing the $ 44 billion acquisition.

The deal has been embroiled in controversy since Tesla and SpaceX’s chief executive first offered it in April, and the stock is trading below $ 54.20, suggesting investors had relatively low confidence that the deal would be realized at this price.

Earlier in May, Musk rocked Twitter shares when he said he would put a $ 44 billion deal “pending” as he investigated cases of counterfeit and spam accounts on the platform. Musk suggested at the All In Summit in Miami that his Twitter deal should be at a lower cost, potentially due to fears of non-authentic activity and platform accounts.

In its earnings report for the first quarter, Twitter acknowledged that there were a number of “fake or spam accounts” on the social network, along with legitimate monetized daily active users or users (mDAUs). The company writes in the documentation: “We conducted an internal review of a sample of accounts and estimated that the average value of fake or spam accounts in the first quarter of 2022 was less than 5% of our mDAU in the quarter. Twitter also admitted to overestimating the number of users by 1.4 million to 1.9 million users in the last three years.

Earlier on Wednesday. Twitter shareholders voted not to re-elect Silver Lake CEO Egon Durban on the company’s board. Durban, through Silver Lake, is a longtime business associate and supporter of Musk’s companies and past business deals.

Shares of Tesla fell a little slower after hours on Wednesday.