Alex Kantrowitz
Elon Musk told Twitter he is willing to pay $54.20 per share, a source confirmed with Insider.
The billionaire attempted to back out of the deal in July.
Musk was set to face Twitter in Delaware court on October 17 after the company sued him over the deal.
Elon Musk is offering to buy Twitter at its original price after spending months attempting to abandon the deal, a source familiar with the matter confirmed to Insider on Tuesday.
News of the proposal was first reported by Bloomberg. Musk made the offer in a letter to the social media company. A person familiar with the issue confirmed the letter with Insider and said the company is reviewing it.
A spokesperson for Twitter declined to comment on the record. A spokesperson for Musk did not respond to a request for comment ahead of publication.
Musk offered to buy the social media company for $44 billion in April, but attempted to back out of the deal in July. At the time, the billionaire expressed concern over the number of scam accounts on the platform.
Musk was set to face Twitter in Delaware court for a five-day trial on the week of October 17. Insider previously reported that Musk was likely to look to settle the case ahead of the trial.
Wedbush tech analyst Dan Ives said in a note that Musk’s letter is a sign the billionaire has recognized his chances of winning in court are “highly unlikely.”
“This is a smart move for Musk to go ahead with the deal given the legal hurdles that were ahead into Delaware,” he said.
This is a breaking news story. Check back for updates.