CEO of Tesla,Elon Musk, has made an offer to purchase Micro blogging site, Twitter for $43.4 billion, or more than Rs 3.31 lakh crore.
Musk offered $54.20, or more than Rs 4,136, per share in his takeover bid for the social media platform.
The Tesla CEO purchased a 9.2% interest in Twitter on April 4, making him the company’s largest stakeholder but declined to join the social media platform’s board of directors.
Musk stated in a statement with the US Securities and Exchange Commission that if his bid was rejected, he would have to reevaluate his status as a shareholder.
“This is not a threat, it’s simply not a good investment without the changes that need to be made,” He said. “And those changes won’t happen without taking the company private.”
The US-based entrepreneur said that he was not playing the negotiation game and that it was his final offer.
Twitter’s board of directors has stated that it will study Musk’s Securities and Exchange Commission filing, describing it as a “unsolicited non-binding offer.” The board of directors stated that it will make decisions in the “greatest interest of the firm and all Twitter stockholders.”
Musk said he believes Twitter has the potential to be a platform for free speech.
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” the entrepreneur said.
He added: “Twitter has extraordinary potential. I will unlock it.”
Tesla’s investment in Twitter is more than four times that of the social media platform’s founder, Jack Dorsey. Musk is active on Twitter, where he has over eight million followers.
Musk previously stated that he was looking forward to working with Twitter CEO Parag Agarwal and the board of directors in the next months to make significant changes to the platform.