Elon Musk Expected to Go Ahead With $54.20 a Share Twitter Deal: Report

Billionaire Elon Musk is expected to propose going ahead with his takeover of Twitter at $54.20 per share, a Bloomberg news reporter tweeted on Tuesday.

Twitter shares were up 12.7 percent at $47.93 before trading was halted for the second time.

Twitter and Musk's lawyers were not immediately available for a comment.

Musk and Twitter were set to enter the courtroom this month, with Twitter seeking an order directing Musk to close the deal at $54.20 per share.

Musk agreed in April to buy Twitter for $44 billion, but within weeks said the number of bot accounts was much higher than Twitter's estimate of less than 5 percent of users.