By Yasin Ebrahim

Investing.com — Twitter rallied in afterhours trading Wednesday on signs that Elon Musk has increased his conviction in getting the $44 billion deal to take the social media company private over the line. 

Twitter (NYSE 🙂 increased 7% after hours to $37.16, although that is below the $54.20 per share take-private deal.    

Musk’s commitment to the Twitter deal increased from $21 billion to $33.5 Billion. 

This news immediately dispelled fears that Musk might be looking to walk away or negotiate a lower price. The Tesla CEO raised concerns over the amount of fake accounts found on social media platforms.      

CNBC reports that Musk has also been in discussions with Jack Dorsey, Twitter’s former chief executive, and other parties to help finance or transfer their shares to close the deal.