Twitter shares skyrocketed on Tuesday amid reports SpaceX founder Elon Musk intends to move forward with his $44 billion deal to take over the social media platform.
Musk in a letter to the tech company again proposed to purchase Twitter at a price of $54.20 a share, sources close to the matter told Bloomberg. The news prompted a 13% spike in shares for the microblogging website to a price of around $47.95 before trading was halted.
The proposal comes just weeks before Musk is slated to face off against Twitter in a Delaware courtroom — a legal battle sparked by the 51-year-old billionaire’s efforts to wriggle free of the deal.
Twitter in April revealed it had agreed to sell to Musk, but tensions between the Tesla Tycoon and tech company, particularly with its CEO Parag Agrawal, escalated over the company’s alleged refusal to provide an accurate tally of bots and fake accounts currently on the site.
Musk for weeks threatened to back out of the deal, finally announcing in July that he planned to scrap the takeover. The move triggered Twitter to file suit in a bid to force him to follow through on the merger agreement, with the world’s richest man filing a countersuit in response.