Billionaire Elon Musk is willing to move forward with the original $44 billion takeover of Twitter, according to a report by Bloomberg.
Musk has been involved in a lawsuit to get out of the deal, accusing Twitter of misleading him about the true number of bots on the platform.
A person with knowledge of the negotiations told Bloomberg that Musk sent a letter to Twitter saying he wanted to end the litigation and move forward with the deal at the originally agreed-upon price of $54.20 per share.
Twitter’s board of directors received the letter on Monday night (October 3) and is considering whether to accept, another person involved in the negotiations told the Washington Post. However, Twitter’s executives don’t trust Musk and are concerned the offer may just be another legal ploy in the ongoing litigation.
Trading of Twitter’s stock had to be halted twice after the news began to circulate. In mid-afternoon trading, Twitter’s stock was trading at 47.93, a nearly 13% increase.