Elon Musk Deal Back On? Why Twitter Stock Is Spiking Tuesday Afternoon

Twitter Inc TWTR shares are halted on news pending following reports that Tesla Inc TSLA CEO Elon Musk could proceed with the takeover deal at $54.20 per share.

According to a Bloomberg report citing people who asked not to be identified, Musk has made a proposal to buy Twitter at the original offer price of $54.20 per share.

Musk reportedly made the proposal in a letter to Twitter, per the people who asked not to be identified because they were discussing confidential information. No other details have been disclosed. 

The deal previously stalled after Musk claimed that the number of bots or spam accounts on Twitter was much higher than the company stated. A trial on the matter is currently slated to begin in mid-October.

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TWTR Price Action: Twitter has a 52-week high of $54.57 and a 52-week low of $31.30.

The stock was up 13.8% at $48.39 at time of publication, according to Benzinga Pro.

Photo: Steve Jurvetson from Flickr.