Billionaire Elon Musk has indicated that he will buy the social media giant Twitter for the price previously agreed on of 44 billion dollars. The two parties were set to go to court in less than two weeks over Musk's efforts to back out of the deal.

Musk and Twitter worked out the terms in April, and he was supposed to pay investors 54.20 dollars per share.

But in July, the Tesla CEO unilaterally announced that he would walk away from the agreement. The uncertainty over the deal caused Twitter's share price to plummet.

Musk said Twitter's market value is based in part by the number of fake accounts and the actual figure was higher than the company reported. He has not provided data to prove that claim.

In response, Twitter sued Musk to force him to go through with his original offer.

On Tuesday, some US media outlets cited informed sources as saying that Musk sent a letter to Twitter, proposing to buy the company as originally agreed.

The media quote analysts as saying that Musk revived the initial offer because he knows he has a slim chance to win the legal battle and the deal would be completed anyway.

Twitter confirmed that it received the letter from the Musk parties.

Twitter officials say the intention of the company is to close the deal at 54.20 dollars per share. On Tuesday, Twitter shares jumped to 52 dollars.