Elon Musk
Elon Musk REUTERS/Patrick T. Fallon

Elon Musk has reversed course and is again proposing to buy Twitter for $54.20 a share, sources familiar with the matter said on Tuesday, according to CNBC.

A deal could happen as soon as Friday, the sources added.

Twitter shares jumped as much as 15% on Tuesday after Bloomberg first reported on the Tesla CEO's plans to go forth with his deal to acquire the company. The stock was halted after the report.

Musk announced in July that he was backing out of the deal to purchase Twitter, agreed upon in April, after alleging the firm failed to provide enough information on fake account numbers.

Twitter fired back at Musk and said his bid to terminate the acquisition of the social media company is “invalid and wrongful.”

A day later, the social media company sued Musk in the Delaware Court of Chancery to force him to go through with the deal.

Musk later filed a countersuit against Twitter which alleges that Musk is entitled to back out of the deal as he was led to believe that Twitter’s user data provided to investors was legitimate.

Although Musk sought to delay the trial date, Delaware Chancellor Kathaleen McCormick rejected his wish citing the potential for Twitter to incur "irreparable harm." The chancellor did allow Musk and his attorneys to amend their counterclaim to include certain accusations made by Twitter's former head of security in a separate whistleblower suit against the company.

(Israel National News' North American desk is keeping you updated until the start of Yom Kippur in New York. The time posted automatically on all Israel National News articles, however, is Israeli time.)