Elon Musk has offered to buy Twitter for about $41 billion, saying the social media needs to go private to see effective changes.
Musk’s price of $54.20 per share was disclosed in a regulatory filing made public on Thursday.
“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,” Elon Musk said in a letter to Twitter Chairman Bret Taylor, reports Reuters.
The billionaire rejected an offer to join Twitter’s board earlier this week after disclosing his stake in the company, a move which analysts said signalled his intention to take over the company as a board seat would have limited his stake to just under 15%.
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk added.
Twitter will review Musk’s offer with advice from Goldman Sachs & Co and Wilson Sonsini Goodrich & Rosati, a source told Reuters.