Tech entrepreneur Elon Musk has offered to buy up the remaining shares of Twitter for $41.39 billion, documents have revealed.
The offer was revealed in a regulatory filing after Musk recently purchased 9.2 percent of the company, making him the largest shareholder.
Now it has emerged that he wants to buy 100% of Twitter.
The Tesla chief executive’s offer price of $54.20 per share was 38% higher than the closing price of Twitter’s stock on 1 April, the last trading day before his investment of 9.2% in the company was publicly announced.
“Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” he said in a letter to Twitter chairman Bret Taylor.
“Twitter needs to be transformed as a private company.”
“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 added.
It comes just days after he rejected a seat on the social media company’s board.
Taking the board seat would have stopped him from a possible takeover of the company by capping his ownership of shares at 14.9%.
Musk already owns 73,486,938 Twitter shares, which equates to 9.2% of the company.
He is a frequent user of Twitter and has more than 80 million followers.
However, he has been vocally critical of its anti-free speech policies and said he was giving “serious thought” to building a new social media platform.
More to follow in this developing story…