Twitter shares were halted for trading on Tuesday, October 4, as Elon Musk proposed buying the social media company once more.
Elon proposed to buy Twitter at his original offer of $54.20 per share after trying to back out of the deal over spam accounts, and just weeks before he was due to go to court to settle the dispute.
The announcement of his offer increased the company’s stock price by 13%.
Elon Musk offered to buy Twitter for $44 billion in April 2022. However, after months of back and forth, he attempted to back out of the agreement in July, citing Twitter’s apparent refusal to provide sufficient information about the number of spam and bot accounts active on the site.
Twitter sued him for attempting to back out, and both Musk and Twitter were scheduled to appear in court in a few weeks.
The new proposal on Tuesday marks the end of that dispute, though it’s unclear what prompted Musk to change his mind.
He now is likely to own the company within days, sources cited by CNBC said.
It comes days after American businessman Ari Emanuel, one of Musk’s friends, urged Twitter to come to a settlement with him ahead of the court date.
Emanuel, the CEO of Endeavor, recently contacted Egon Durban, a member of Twitter’s board, urging him to end the dispute.
Musk’s retreat from the court battle signals an end to the months-long dispute.