Theo Wargo city New York Twitter platform SEC Theo Wargo city New York

Elon Musk offers to buy 100% of Twitter in all-cash deal

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Elon Musk is offering to buy Twitter, just days after the Tesla CEO said he would no longer be joining the social media company’s board of directors.Twitter Inc.

said in a regulatory filing on Thursday that Musk, who currently owns slightly more than 9% of its stock and is the company's biggest shareholder, provided a letter to the company on Wednesday that contained a proposal to buy the remaining shares of Twitter that he doesn't already own.

Musk offered $54.20 per share of Twitter's stock.He called that price his best and final offer."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 says in the filing. "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."FILE IMAGE - Elon Musk attends TIME Person of the Year on Dec. 13, 2021, in New York City. (Photo by Theo Wargo/Getty Images for TIME) The buyout offer from Musk is just the latest development in his relationship with Twitter.

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