Elon Musk has offered to buy Twitter outright for $43 billion, saying that the company needs to be made private in order to grow.

Driving the news: Musk said in a tweet Thursday that he has offered to buy Twitter for $54.20 per share, which is 38% higher than where shares closed on April 1.

What he said: “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” he said in a filing with the Securities and Exchange Commission.

  • “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 said.

Flashback: Musk already bought a 9.2% stake in the company, becoming Twitter’s largest stakeholder in recent weeks, as I reported for the Deseret News.

Elon Musk just bought almost $3 billion in Twitter shares, making him largest shareholder
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The fallout: Twitter’s shares jumped more than 6% in premarket trading after the announcement, per CNBC. Shares were valued at $45.85 per share on Wednesday.

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Worth noting: A group of Twitter shareholders are planning to sue Musk for allegedly failing to disclose how much stake he bought in Twitter by the appropriate time, per CNBC.

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