Elon Musk is proposing to buy Twitter for original offer price of $54.20 a share: Report

After months of dillydallying and court cases, Tesla boss Elon Musk has proposed to buyTwitter Inc for the original offer price of $54.20 a share, totalling $44 billion according to a Bloomberg report.

The report stated that Musk made the proposal in a letter to Twitter. Immediately after the report came out, trading in Twitter washalted due to volatility in the market for jumping 6.7 per cent.

After Musk reached out with the deal, Twitter is considering the proposal but will not act on it instantly, according to a Washinton Post report. Instead, the microblogging platform will sit on it for another day asthere is great distrust on both sides.

Attorneys representing Twitter are wary that the letter might be another clever ruse by Musk to circumvent the legal troubles.

Notably, the supposed proposal comes days before a trial was set to take place in Delaware Chancery Court, starting October 17.

The eccentric billionaire has stalled the deal by claiming that Twitter has close to 20 per cent bot accounts, as opposed to the five per cent that the company claims.

Musk announced in July that he was suspending the deal agreement, alleging Twitter had concealed information about these accounts.

Since then, in a series of back-and-forth events, court cases and online arguments, the deal remained in jeopardy. Earlier this week, afresh cache of texts between Tesla CEO Elon Musk and Twitter CEO Parag Agrawal was made public.

In the texts, Musk told Agrawal that he does not want to be a boss, to which Agrawal responded by saying, "Treat me like an engineer instead of a CEO."

However, despite the deal turning chaotic, Twitter's shareholders approved the $44 billion buyout.According to Twitter, more than 98.6 per cent of votes were cast in favour of the deal.

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