Washington, October 4: In a surprise turn of events in the Twitter buyout saga, Tesla CEO Elon Musk has reportedly offered to proceed with his USD 44 billion purchase of the microblogging website. Musk is proposing to continue with USD 54.20 per share to buy Twitter, Reuters news agency reported citing Bloomberg News.

After the news broke, Twitter's share price increased to 12.7 per cent before trading was stopped for the second time. On the contrary, Tesla's shares dropped by about 3 per cent. The Reuters report said the Tesla chief made the proposal in a letter to Twitter. Elon Musk Proposes To Buy Twitter for Original Offer Price of USD 54.20 per Share, Says Report.

Musk has been locked in a bitter legal battle with Twitter since announcing in July this year that he was pulling the plug on his USD 44 billion purchase of the company following a complex, and months-long courtship. Musk had cancelled the deal, claiming that he was misled by Twitter concerning the number of bot accounts on its platform. These allegations were forthrightly rejected by the company.

The latest report on the Twitter buyout deal comes ahead of the Delaware Court hearing on October 17, where the two sides are expected to clash over the multi-billion dollar buyout deal. "This is a clear sign that Musk recognized heading into Delaware Court that the chances of winning vs. Twitter board was highly unlikely and this USD 44 billion deal was going to be completed one way or another," Reuters quoted Wedbush analyst Dan Ives as saying. Twitter’s Edit Tweet Feature Launched for Blue Members in Canada, Australia & New Zealand.

Earlier, Twitter had sought an order directing Tesla CEO to complete deal at USD 54.20 per share. Meanwhile, Musk had called for the dismissal of a shareholder lawsuit against him for cancelling his deal and subpoenaing the social media company's former CEO.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)