Elon Musk Thursday announced a $43 billion takeover offer for Twitter after having already bought a sizable stake in the social media company.
In a statement to the U.S. Securities and Exchange Commission, the South African-born billionaire and chief executive of Tesla and SpaceX said he believed in Twitter’s “potential to be the platform for free speech around the globe,” but that since making his initial investment in the company in early March, he had realized it could not reach that goal under its current structure.
“Twitter needs to be transformed as a private company,” he said, adding that his $54.20-a-share bid for Twitter was his “best and final offer.”
Shares in the social media company rose by more than 10 percent in pre-market trading on Thursday.
Musk has been a vocal proponent of greater levels of free speech, particularly on social media. But his potential acquisition of Twitter comes as the social media platform is under increased scrutiny for how it polices online content, including upcoming rules in the European Union known as the Digital Services Act and how the company banned former Donald Trump from the network in connection to statements he made surrounding the January 6 Capitol Hill riots in Washington, D.C.
“The Twitter board of directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders,” the company said in a statement.
This article has been updated.
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