Tesla founder Elon Musk wasn’t kidding about wanting to reinvent Twitter. After recently purchasing a 9.2% stake to become the company’s largest shareholder, he is now offering to buy the rest of the company at $54.20 a share and transform it into a private company.
According to a regulatory filing that Twitter filed Thursday, Musk proposed buying the rest of the company. He called that price his best and final offer though he provided no details on financing. The offer is non-binding and would be subject to financing and other conditions.
The filing quotes Musk as saying, “I invested in Twitter as I believe in its potentioal to be the pllatform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However,” he continued, “since making my invesetment 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.”
Shares of Twitter closed at $45.85 on Wednesday ahead of the news. In Thursday’s premarket, the company traded up nearly 7% to $48.96.