Chief Executive Officer of Tesla, Elon Musk, is buying Twitter for $43 billion.
Musk announced the offer in a filing with the U.S. Securities and Exchange Commission on Thursday.
The billionaire will offer 54.20 per share in cash, representing a 54% premium over the January 28 closing price and a value of about $43 billion.
In a letter to Twitter’s board, Musk said he believes Twitter “will neither thrive nor serve [its free speech] societal imperative in its current form. Twitter needs to be transformed as a private company.”