Tesla founder and tech mogul Elon Musk has reportedly proposed to buy Twitter for the original offer price of $54.20 a share, according to people familiar with the matter.
The proposal was purportedly made by Musk in a letter to Twitter, Bloomberg has reported, citing people familiar with the matter.
The news apparently resulted in Twitter shares rising "as much as 18 percent", the media outlet noted.
Elon Musk made headlines earlier this year when he agreed in April to purchase Twitter in a deal valued at approximately $44 billion.
But while the takeover was approved by Twitter’s Board of Directors in June, Musk attempted to terminate the deal a month later citing concerns about the number of bot accounts on the social media platform.