Twitter confirms Elon Musk reoffers 44 billion USD buyout deal

Months after Twitter launched a pitched court battle against Elon Musk for dishonoring his commitment to go through with the buyout, the Tesla founder has again promised to buy the company at the original offered price of $44 billion. Twitter has issued a statement confirming the information.  

"Twitter issued this statement about today's news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the company is to close the transaction at $54.20 per share," the official account of Twitter Investor Relations wrote.

After reports came out on Tuesday saying Musk intends to go through with the Twitter deal, the company's share price rose 12.7 percent while Tesla's shares dropped by 3 percent.

Earlier this year, Musk made a sensational public offer that he would buy the most impactful social media platform for $44 billion. However, after weeks of complex negotiations, he unilaterally cancelled the deal claiming the company couldn't give an authentic account of the number of bots operating on Twitter.

Twitter had outrightly rejected the allegations. The company later sued the Tesla chief who also launched a countersuit.

The move comes ahead of the Delaware court hearing on October 17. 

Experts say Musk's latest move is a testament to his belief that his chances of winning against Twitter were slim and he would have to go through with the deal come what may.

Twitter hasn't said anything about if it would accept Musk's offer without demanding any more reparations.