Sources familiar with the matter say that Musk wants to buy the company again for $54.20 a share. The sources said a deal could be done as soon as Friday.
The stock price of the company jumped as much as 15% on Tuesday after it was reported that the CEO of the company was going to acquire the company. After the report, the stock was stopped.
Musk tried to back out of the deal a few weeks after he agreed to it, telling the company in July that he intended to walk away. The lawsuit was filed to make Musk go through with the purchase. The trial was supposed to take place in Delaware Chancery Court.
One of the reasons Musk was changing his mind on the deal was the misrepresentation of the number ofbots on its service. He and his lawyers claimed that the social media company was lying to investors.
The company said that Musk's claims of fraud were incorrect and that they were based on a misunderstanding.
The data that Musk alleged was missing was related to the topic of bots.
The company said that Musk was looking for a reason to back out of the deal when the company's shares fell.
CNBC has learned that Musk could own the social network within a few days.
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