Elon Musk Offers To Buy '100%' of Twitter—Site 'Needs To Be Transformed'

Billionaire Elon Musk has issued an ultimatum to Twitter's chairman as he made a surprise offer to buy 100 percent of Twitter shares in a deal that values the social media company at around $43 billion.

The offer, which comes after the Tesla CEO bought a 9.2 percent stake in Twitter but decided not to take a seat on the board, sent Twitter shares surging by as much as 10 percent in pre-market trade.

Musk's decision not to take a boardroom seat gave him the flexibility to acquire more shares of the social media platform.

Musk, the world's richest man, told Twitter's chairman, Bret Taylor, that he believes under his leadership the social media platform's potential could be unlocked.

"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," Musk wrote in a letter made public by the SEC.

"However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.

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

"My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.

"Twitter has extraordinary potential. I will unlock it."

The SpaceX founder tops Bloomberg Billionaires' Index of the world's richest people with a total net worth of $259 billion.

Musk has amassed over 81 million followers since joining Twitter in 2009 and has often used the platform to make announcements, including floating a proposal to take Tesla private that got him into trouble with regulators in 2018.

Musk said Morgan Stanley was the financial adviser for the offer.

Over the past two weeks, Musk's Twitter posts have focused on the social media platform's reach as well as its influence.

"Most of these 'top' accounts tweet rarely and post very little content. Is Twitter dying?" Musk wrote in a Tweet on April 9, posting a World of Statistics list of the top 10 most followed Twitter accounts.

This included former President Barack Obama, music artists Justin Bieber, Katy Perry, Rihanna and Taylor Swift as well as football star Cristiano Ronaldo.

"For example, Taylor Swift hasn't posted anything in 3 months and Justin Bieber only posted once this entire year," Musk wrote in follow-up tweets.

He has also joked about what changes his followers would like to see him implement on Twitter.

On April 5, Musk held a poll asking if Twitter users wanted an edit button while intentionally misspelling the yes and no option.

Newsweek has contacted Twitter for comment.

Elon Musk
Elon Musk attends TIME Person of the Year on December 13, 2021 in New York City. Elon Musk may be looking to acquire more shares of Twitter now that he has declined a board seat. Theo Wargo/Getty Images