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Elon Musk is ready to go through with his Twitter acquisition for the initial offer price of $54.20, Bloomberg reported Tuesday.
The Tesla CEO made the proposal in a letter to Twitter, according to unnamed sources with knowledge of the matter, Bloomberg reported.
Twitter’s shares climbed over 18% after this news before trading halted.
Musk offered to buy Twitter in April after becoming one of its biggest shareholders and rejecting his spot on the social media company’s board. His offer was met with resistance, and Twitter went so far as taking a so-called “poison pill”—a move to make a company less appealing to a prospective buyer—in an effort to keep him at bay. But Musk successfully went through with his bid.
Just a few weeks later, however, he decided to hold off on the deal, claiming without evidence that Twitter had given misleading information regarding the number of “human” users on the platform, saying that the number of bot accounts on the site was a major problem.
Twitter ultimately sued Musk in July in a Delaware court for backing out of the $44 billion deal.
The Tesla CEO has tried to back out of the deal three times, the latest of which happened just last month. Twitter has rejected Musk’s attempts to walk away, calling these episodes “invalid and wrongful.”
The trial between Musk and Twitter was scheduled to begin in Delaware on October 17.
This is a breaking story; please check back for updates
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