Elon Musk plans to continue with the original price of $54.20 per share for Twitter, according to the report

Billionaire Elon Musk is proposing to go ahead with his initial offer of $54.20 to take Twitter Inc private, Bloomberg News reported on Tuesday, sending the social media company’s stock soaring.

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

Musk made the proposal in a letter on Twitter, Bloomberg reported, citing people who did not want to be identified and were discussing confidential information.

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

The news comes ahead of a highly anticipated showdown between Musk and Twitter in a Delaware court on Oct. 17, in which the social media company was expected to seek an injunction ordering Musk to close the deal at $54.20 a share.

Musk agreed to buy Twitter for $44 billion in April, but within weeks said the number of bot accounts was much higher than Twitter’s estimate, which included less than 5% of users.