Billionaire Elon Musk, who recently disclosed that he owns 9.2% of micro-blogging social media platform Twitter, has offered to buy it for $54.20 per share.
The deal that estimated to be worth $41 billion.
In a filing released by the Securities and Exchange Commission (SEC), the market regulatory watchdog in the United States, Musk has offered a premium of 54% over when he started investing in Twitter, and 38% over when his investments were announced in a letter to Twitter's Chairman, Bret Taylor.
He told Taylor that he intends on taking the company private: that is getting it unlisted from public exchanges, more specifically, the New York Stock Exchange.
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
Elon Musk's letter to Bret Taylor
Musk has also posed an ultimatum that his offer is final. "My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder", he says.
These developments come as Musk was offered a seat on Twitter's Board of Directors, which he later declined.
Twitter's shares are trading at $50.68, up 10.63% pre-market on the New York Stock Exchange.
The SEC filing can be seen here.