Elon Musk has offered to push through with his buyout of Twitter at the original agreed price, reports said on Tuesday.
This is coming weeks before the opening of a bitter court case over his effort to withdraw from the deal.
US media said the world’s richest man had sent a letter to Twitter vowing to honor the takeover price of $54.20 a share – prompting a surge in the share value of the social network that triggered a suspension of trading.
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The latest twist in the long-running buyout saga comes less than two weeks before the start of the high-stakes trial instigated by Twitter in an effort to hold the Tesla chief to the $44 billion deal he signed in April.
Musk was slated to be deposed by Twitter attorneys later this week in preparation for the trial.
A serial entrepreneur made rich through his success with Tesla electric cars, Musk began to step back from the Twitter deal soon after it was agreed.
He said in a letter in July that he was canceling the purchase because he was misled by Twitter concerning the number of fake “bot” accounts, allegations rejected by the company.
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Twitter, meanwhile, has been seeking material or testimony to prove Musk is contriving excuses to walk away because he changed his mind.
In July, a Delaware judge agreed to fast-track a trial on Twitter’s allegations, which the company argued is impeding its financial performance.
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