Popular businessman Elon Musk on Thursday offered an unsolicited proposal to takeover social media giant Twitter for $41 billion, according to a Reuters report.
Musk told Twitter’s board that the company has “extraordinary potential,” which he seeks to unlock, noting that it needs to be taken private to be able to fully realize free speech.
The offer is equivalent to $54.20 apiece, reflecting a 38% premium on April 1 before Musk’s stake in the company was unveiled to the public. He has since rejected an offer to take part in the firm’s board.
Musk told Twitter Chairman Bret Taylor that the company will “neither thrive nor serve” in its current form, citing the need to go private. The billionaire has long been vocal about the policies of Twitter, with a recent poll asking users if they are in line with free speech.
Musk said his offer is his “best and final offer,” and that he would need to reconsider his position as a shareholder should it be rejected. He has tapped Morgan Stanley as a financial adviser for his proposal.
Twitter is said to look into the offer with advice from Goldman Sachs and Wilson Sonsino Goodrich & Rosati.