Tesla chief, Elon Musk, has offered to buy 100 percent of Twitter’s stock and make it private.
According to a stock exchange filing, Musk offered $54.20 a share, which values the social media firm at $43.4 billion, in a filing dated Wednesday, April 13 with the Securities and Exchange Commission, SEC.
The social media company had on Sunday announced that Musk will not be joining its board members after he rejected the offer.
The offer came following the 9.2 percent stake Elon Musk acquired in the microblogging platform.
However, a new development shows Musk’s interest in buying the platform.
Musk in his filling with SEC said, “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form.
“Twitter needs to be transformed as a private company. As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter.”
Musk added that the “offer is my best and final offer” and he would reconsider his position as a shareholder if it was rejected.
“Twitter has extraordinary potential. I will unlock it,” he said.