The Chief Executive Officer of Tesla, Elon Musk, has made a staggering $43 billion offer to buy micro-blogging and social media platform, Twitter.
Musk filed his new bid with the U.S. Securities and Exchange Commission on Thursday
According to the filing, the billionaire wants to offer 54.20 per share in cash, representing a 54% premium over the January 28 closing price and a value of about $43 billion.
Musk had in a letter to Twitter’s board, expressed his dissatisfaction with the way the company is currently being managed, saying it stifles growth of the company.
Musk said he believes Twitter “will neither thrive nor serve [its free speech] societal imperative in its current form. Twitter needs to be transformed as a private company.”
Musk had first disclosed a stake of about 9% on April 4.
On March 24, the 50-year-old ran a poll asking whether or not Twitter’s algorithm should be open source.
Musk later asked whether or not Twitter genuinely complies to the principle of free speech.
After the majority replied ‘no’, Musk asked whether a new networking site was needed, disclosing he was considering starting his own.