Elon Musk proposes going ahead with deal to buy Twitter, reports say

Trading in shares of Twitter was halted after the stock spiked on reports that Elon Musk would proceed with his $44 billion deal to buy the company after months of legal battles.

For a second time, Musk offered to buy the San Francisco company at $54.20. Shares jumped nearly 13% to $47.95 before trading stopped.

Bloomberg News reported Tuesday that Musk made the proposal in a letter to Twitter, according to people familiar with the case who were not identified. The Wall Street Journal also said the Tesla CEO had decided to move ahead with the acquisition.