Musk proposes original offer to buy Twitter

STORY: Editor's note: New version reflects details of Musk's offer and the rally in shares of Twitter.

With a trial looming, billionaire Elon Musk said he will go ahead with his original offer to buy Twitter for $44 billion, possibly ending a messy legal battle and public relations nightmare for Twitter – that would put the world's richest person in charge of one of the most influential media platforms on the planet.

The news on Tuesday, first reported by Bloomberg, comes ahead of a highly anticipated face-off between the Tesla CEO and Twitter in Delaware court this month, in which the social media company was set to seek an order directing Musk to close the takeover deal at $54.20 per share.

Dan Ives is an analyst at Wedbush Securities.

"I think this is one where Musk knew he was going to lose. This was one where all odds were stacked against him legally."

Musk's proposal would end months of turbulent litigation that damaged Twitter's brand and fed Musk's reputation for erratic behavior.

Musk agreed to buy Twitter in April, but later said he would walk away from the deal after alleging that Twitter misled him about the number of bot accounts.

But now, Musk says he intends to close the deal on previously agreed upon terms and proposes that the Delaware court adjourns the trial ..

Twitter shares jumped more than 20%. Shares of Tesla also rose amid a broader stock market rally.