Billionaire and Tesla CEO Elon Musk on Thursday offered a "best and final" bid to purchase 100 per cent of microblogging site Twitter for USD 41.39 billion with $54.20 per share in cash.
The world's richest man made the offer in an updated 13D filing on Thursday and follows an announcement by Twitter that Musk will not be joining the company's board of directors.
The Tesla chief executive's offer price of USD 54.20 per share was 38 per cent higher than the closing price of Twitter's stock on April 1, the last trading day before his investment of 9.2 per cent in the company was publicly announced, reported Sky News.
"Since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form," said Musk in a letter to Twitter chairman Bret Taylor.
"Twitter needs to be transformed as a private company," he added.
Earlier last week, Musk had disclosed that he had taken a nine per cent stake in the social media platform.
"My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder," said Tesla CEO.
The offer comes after Musk rejected a seat on the social media company's board.
Taking the board seat would have stopped him from a possible takeover of the company, reported Sky News.
