New York, Oct 4 (AP) Trading in shares of Twitter were 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.

The news, based on anonymous sources, was first reported by Bloomberg News.

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

According to the report Tuesday, Musk sent a letter to Twitter offering to complete the deal, which already has shareholder approval, at the original price.

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The trial seeking to compel Musk to buy Twitter is set to start later this month. (AP)

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