Tesla CEO Elon Musk has offered to acquire all the shares in Twitter he does not own for $54.20 per share, valuing the company at $43.4 billion, according to an SEC filing highlighted by CNN.
Musk said the cash offer was his “best and final offer,” adding that if it’s not accepted he would have to reconsider his position as a shareholder.
The Tesla CEO sent an offer letter to the company Wednesday night, according to the SEC filing, CNN reports.
“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,” Musk said in a letter addressed to Bret Taylor, the chair of the Twitter board. “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.”
He added: “Twitter has extraordinary potential. I will unlock it.”
In response, Twitter issued a statement Thursday confirming that it had received the offer. It said its board would carefully review the proposal “to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders.”