Elon Musk bids to buy Twitter outright for $41 billion

Credit: Twitter

Following his buying a 9.2% stake in Twitter, Elon Musk was first announced as joining the board of directors, then changed his mind and pulled out. Now he's reportedly told the board that he believes Twitter needs to be "transformed."

According to Daily Mail, Musk has offered to buy Twitter outright for $41.39 billion, paying $54.20 per share.

"I invested in Twitter as I believe in its potential to be the platform for free speech around the globe," the Daily Mail reports Musk telling the board, "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 societal imperative in its current form," he continued. "Twitter needs to be transformed as a private company."

"As a result, I am offering to buy 100 percent of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter," said Musk, "and a 38 percent premium over the day before my investment was publicly announced. "

Saying that this is his final offer, Musk added that "if it is not accepted, I would need to reconsider my position as a shareholder."

Musk's intention to buy was revealed in a regulatory filing. On Monday, April 11, Musk signed a filing with the Securities and Exchange Commission which said that he had declined his seat on the board.

According to that document, Musk would be able to "express his views" about the company to the board, but also buy additional shares if he chose.

Twitter's board has not yet commented publicly.

"Twitter has extraordinary potential," Musk concluded. "I will unlock it."