Musk reportedly proposes going ahead with deal to buy Twitter after months of legal battles


Trading in Twitter stock was halted after months of legal battles that the stock would follow Elon Musk’s $44 billion deal to buy the company.

Musk offered to buy the San Francisco company for $54.20. Shares rose nearly 13% to $47.95 before trading was halted.

Bloomberg News reported Tuesday that Musk made the proposal in a letter sent to Twitter, according to people familiar with the matter who were not identified.

Musk has been trying to walk away from the deal for several months after signing to buy the social media platform in April. Shareholders have already approved the sale.

Musk said Twitter had reduced the number of fake accounts on its platform, and Twitter sued when Musk announced the deal was off.

Neither Twitter nor Musk’s lawyers responded to messages seeking comment on Tuesday.

The trial to force Musk to buy Twitter is set to begin on October 17 in Delaware’s Chancery Court.

Musk’s argument for walking away from the deal has largely centered on allegations that Twitter mismeasures the size of “spam bot” accounts that are useless to advertisers.

But most legal experts believed that Kathaleen St. faced an uphill battle. Chancellor Jude McCormick, the court’s chief judge, to convince him that something had changed since the April merger agreement that justifies ending the deal.

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