Elon Musk has offered to buy Twitter for $43 billion, saying he will "unlock" its "extraordinary potential" in a deal that would be good for free speech.
Musk is offering to buy out Twitter for $54.20 per share in an all-cash deal, saying the company needs to be transformed, according to a filing with the Securities and Exchange Commission.
The billionaire and Tesla founder said in the regulatory filing: "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. However, since making my investment I now realize the company will neither thrive nor serve this social imperative in its current form."
Musk then added he would "reconsider" his investment in the company if his offer is rejected.
"My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder," he said, adding: "Twitter has extraordinary potential. I will unlock it."
Musk also announced the move on Twitter.
The social media giant confirmed Thursday that it had received the "unsolicited" offer.
"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.
The offer from Musk comes after he bought a 9.2% major stake in Twitter last month. He then agreed to join the company's board of directors in a decision that was quickly reversed in a matter of days, NBC News reported.
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