Twitter stock trading ground to a halt as shares surged following reports that Elon Musk is buying the company at the original offer price.
The world’s richest man is offering to buy the social media giant for $54.20 a share after months of legal wrangling, according to Reuters, citing two sources.
The shares rose 13% to $47.95 before trading was halted on the news.
Twitter and Musk are scheduled to appear in court later this month, as the company seeks to keep Musk on its original $44 billion offer made in April.
The billionaire now looks increasingly likely to be new owner of Twitter.
This story is developing.
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