The mercurial Tesla CEO proposed to buy the company at the originally agreed-on price of $44 billion.
Musk made the proposal in a letter to Twitter that the company disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission.
It comes less than two weeks before a trial between the two parties is scheduled to start in Delaware.
In a statement, Twitter said it intends to close the deal at $54.20 per share.
Trading in Twitter’s stock had been halted for much of the day pending release of the news. It resumed trading late Tuesday and soared 22% to close at $52.