Elon Musk has now sent a proposal to proceed with his previous offer to acquire social media giant Twitter for US$44 billion.

The proposal was revealed by Musk’s lawyer on Tuesday based on a filing with the Securities and Exchange Commission (SEC).

The news has now sent Twitter’s share up as much as 22% on Tuesday after an hour-long halt in trading.

Efforts to get comments from the billionaire has been unsuccessful at the moment.

According to the news which was initially published by Bloomberg has it that the deal will move forward if the Delaware court currently hearing the lawsuit between Musk and Twitter puts an immediate stop to the case.

Twitter said in a statement: “We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.”

If everything goes well enough, this could end the legal battle between Musk and Twitter with the former wanting to force the purchase while the former has initially refused and wanted to back out.

“This is a clear sign that Musk recognized heading into Delaware Court that the chances of winning vs. Twitter board was highly unlikely and this $44 billion deal was going to be completed one way or another,” Wedbush Securities’ Dan Ives said in a note to clients Tuesday following the report.

The uncertainty has weighed on some Twitter employees.

“At this point, just do it or don’t,” one Twitter employee told NBC News on the condition of anonymity because they were not authorized to speak publicly.

Also, Twitter’s director of machine learnings ethics, transparency, and accountability voiced a similar concerned.

Musk initially made his interest known to the public back in April when he revealed he would become Twitter’s largest public shareholder while also being set to have a position in the board of directors.

Back then, he made his intentions known which includes ensuring the platform adhere to free speech principles while also expressed interest in reinstating former US president, Donald Trump’s account back on the platform.

Musk’s involvement in the social media platform was endorsed by Twitter co-founder and former CEO Jack Dorsey, who said Musk could take the company “back from Wall Street.”

“I trust his mission to extend the light of consciousness,” Dorsey tweeted.

Not long afterwards, Musk then announced his interest to completely purchase the company at a whopping US$44 billion by offering US$54.20 a share.

Twitter initially resisted the purchase offer but soon give up and agreed to sell to Elon Musk.

Not long after, Musk announced via a tweet that he was holding the deal off until further inquiry into how many users were real versus fake or spam accounts were ironed out.

Then a couple of months later, Musk deepened his accusations of Twitter stating the company has breached the deal’s agreement because it refused response to additional inquiry about spam accounts which ultimately led to the billionaire calling the deal off.

Twitter wasn’t having it and decided to sue Musk and wanting to force the deal.

“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,” Twitter said in its complaint.

Musk made his own claim known that Twitter lied that less than 5% of its accounts were fake. In that case, he filed a countersuit accusing the social media company of fraud.

This whole drama has led to the October trial with both parties going back and forth over the issue including the date itself and the kind of documents, and documentations that could be asked or presented.

What even made it worse was when a whistleblower accused Twitter of security mismanagement

This rhetoric soon became Musk’s talking point against the company and Twitter’s effort to fend this off has been unsuccessful.