Trading in Twitter shares is halted after a report stated the billionaire will now buy the business.
Twitter shares have been suspended following a report that Elon Musk will proceed with a takeover of the social media platform.
Mr Musk is set to buy Twitter at the original price he offered months ago before he walked away from a deal, according to Bloomberg News.
Shares in Twitter were up almost 13% before trading was halted.
Mr Musk was due to face Twitter in court later this month after he tried to pull out of the takeover.