Report: Elon Musk proposes to proceed with Twitter takeover

Trading in shares of Twitter were halted after the stock spiked on reports that Elon Musk would proceed with his $44 billion deal to buy the company after months of legal battles.

The news, based on anonymous sources, was first reported by Bloomberg News.

Musk offered to buy the San Francisco company at $54.20. Shares jumped nearly 13% to $47.95 before trading stopped.

According to the report Tuesday, Musk sent a letter to Twitter offering to complete the deal, which already has shareholder approval, at the original price.

The trial seeking to compel Musk to buy Twitter is set to start later this month.