Elon Musk is offering to buy Twitter for $54.20 per share in cash, according to an SEC filing released Wednesday.
Last week, the CEO of Tesla and SpaceX became Twitter’s largest shareholder. He was going to join Twitter’s board – so he didn’t.
Now Musk says he believes in the potential of Twitter and says it needs to be transformed.
“My offer is my best and final offer and if not accepted, I will have to reconsider my position as a shareholder. Twitter has tremendous potential. I will unlock it,” Musk said in the filing.
“I invested in Twitter because I believe in its potential to be the platform for free speech around the world, and I believe that free speech is a societal imperative for a functioning democracy” , Musk said.
Twitter stock rose more than 10% in premarket trading on Thursday.