Billionaire Elon Musk offered to acquire Twitter for $54.20 per share, stating that the social media giant needs to be transformed privately, according to a report by CNBC on Thursday.

  • In a letter to Twitter Chairman Bret Taylor, Elon Musk stated that he invested in Twitter as he believed in the potential for the platform to promote free speech, noting free speech is a societal imperative for a functioning democracy.
  • Musk further stated that he was offering to acquire 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before he started investing in Twitter, and a 38% premium over the day before the investment was announced publicly.
  • Musk believed that the social media company needs to go private as it can “neither thrive nor serve” free speech in its current position.          

Shares of the social media giant rose nearly 12% in premarket trading after closing at $45.85 per share on Wednesday. TWTR up +10.91%, TSLA down -0.96%, Pre-market trading