Elon Musk has made an offer to buy Twitter (TWTR) and take it private,
saying he believes the company needs to be "transformed."
According to an SEC filing,
Musk has offered to acquire all the shares in Twitter he does not own for $54.20 per share,
valuing the company at $41.4 billion. That represents a 38% premium over the closing price on April 1,
the last trading day before Musk disclosed that he had become Twitter's biggest shareholder,
and an 18% premium over its closing price Wednesday.Musk said the cash offer was his "best and final offer,"
according to the SEC filing, 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 filing.
"I invested in Twitter as I believe in its potential to be the platform for free speech around the globe,
Elon Musk offers
and I believe free speech is a societal imperative for a functioning democracy," he said in the letter to Twitter.