Twitter jumps after the company tells employees its deal with Elon Musk is still on and that it won't renegotiate the $54.20 takeover price

The stock price of the social media company spiked after it was reported that the deal to be acquired by Musk is moving forward as planned.

Over the past week, Musk said he put the deal on hold as he assessed how many fake bot accounts were on the platform. Musk believes that 20% of its accounts are fake.

There is no such thing as a deal being on hold, according to the top lawyer at the company. The deal price is currently $54.20 per share, or about $44 billion.

Musk may want to lower the purchase price if he doesn't want to purchase a company that has lost more than $400 billion in market value. Musk wants to put up more than $10 billion of hisTesla stake as a security to get financing to buyTwitter.

If Musk walks away from the deal, he would owe a billion dollars to the company. Musk might be trying to avoid paying the fee by saying that there are more bot on its platform than it had previously said.

The company seems to be firm in its stance that Musk will buy it at its agreed upon price. During the meeting, Ned Segal told employees that the executives of the company are still working with Musk and his team to close the deal.

The stock market doesn't think that the deal will happen because of the large spread between the agreed upon purchase price and what the stock currently trades for. On Thursday, the shares were 30% below the deal price.