Elon Musk has reportedly reversed course and is once again proposing to buy Twitter for the original offer price of $54.20 a share.
Musk made the proposal in a letter to Twitter, according to people familiar with the matter.
A few weeks after Musk agreed to the deal earlier this year, valuing Twitter at $44 billion, he quickly changed course and tried to back out of the agreement.
Twitter sued Musk to force him to go through with the purchase. The two sides were scheduled to go to court on Oct. 17.
Nonetheless, if the the deal closes and Musk ends up owning Twitter, it’s possible all litigation would end.
Twitter shares are up 12% after trading was briefly halted, while Tesla shares are down about $9 a share after Musk's proposal news crossed, but is still up 1.8% on the day.
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