Twitter surges on report Musk plans to go through with deal

The Twitter profile page belonging to Elon Musk is seen on an Apple iPhone mobile phone.

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Twitter shares surged 15% on Tuesday after Bloomberg reported that Tesla CEO Elon Musk plans to go forth with his deal to acquire the company for $54.20 a share. The stock was halted after the report.

Musk agreed to the deal earlier this year, valuing Twitter at $44 billion, but he quickly changed course and tried to back out of the agreement. Twitter sued Musk to force him to go through with the purchase. The two sides were scheduled to go to court on Oct. 17.

According to Bloomberg, which cited people with knowledge of the matter, Musk made his latest proposal in a letter to Twitter. CNBC has independently confirmed Musk’s renewed offer.

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