Elon Musk offered to buy Twitter for $54.20 a share, saying the social media company needs to be transformed privately.
“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 wrote in a letter sent to Twitter Chairman Bret Taylor and disclosed in a securities filing.
According to Musk, the social media company needs to go private because it can “neither thrive nor serve” free speech in its current state, Musk wrote.
“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced,” he wrote. “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
Twitter shares jumped 12% in premarket trading after closing at $45.85 a share on Wednesday.
Musk first revealed a 9.2% stake in the social media giant earlier this month, which sent shares soaring 27%. The company later announced that Musk would join its board of directors before he reversed those plans.
Musk has previously criticized the social media giant publicly, polling people on Twitter last month about whether the company abides by free speech principles. He also said he was considering building a new social media platform.
Shares of Twitter have seesawed in recent weeks amid the news from Musk, but are up 6% this year and 18.5% since the start of the month. Musk’s offer values Twitter at about $43 billion.
Here is the letter Musk sent as disclosed in a securities filing: