BREAKING: Elon Musk agrees to Twitter buy at $54.20 a share

Musk made the proposal in a letter to Twitter on Tuesday, a source who asked to remain anonymous told the outlet.

The Twitter stock has halted twice on Tuesday due to volatility, according to Stock Halt Alerts.

In April, Twitter filed a lawsuit against Musk to force him to finalize the deal which he originally agreed to.

In July, Twitter's board announced that they would be suing Musk after he said that he would be terminating his buyout deal with the social media giant. In July, Musk had also reportedly said that he was planning to file a counter-lawsuit against Twitter to avoid being forced to buy the social media company for $44 billion, after expressing doubts that the make up of Twitter users uncluded less than 5 percent automated accounts.

Twitter Chairman Bret Taylor said that the board would be suing Musk and that the board was "committed to closing the transaction on the price and terms agreed upon with Mr. Musk."

That announcement came after Musk sent a letter to terminate the deal to Twitter.

This is a breaking news story and will be updated.