Elon Musk plans to go ahead with original price of $54.20 a share for Twitter, says report

Billionaire Elon Musk is proposing to go ahead with his original offer of $54.20 to take Twitter Inc private, Bloomberg News reported on Tuesday, sending the shares of the social media firm surging.

Twitter shares jumped 12.7% at $47.93 before trading was halted for the second time, while Tesla Inc, the electric vehicle company that Musk heads, fell about 3%.

Musk made the proposal in a letter to Twitter, Bloomberg reported, citing people who asked not to be identified discussing confidential information.

Twitter and Musk’s lawyers were not immediately available for requests for comment from Reuters.