Tesla CEO Elon Musk has made an offer to buy micro-blogging site Twitter for $43.4 billion, or more than Rs 3.31 lakh crore.
Musk has offered $54.20, or more than 4,136 rupees, per share in his tender offer on the social media platform.
The Tesla CEO bought a 9.2% stake in Twitter on April 4, making him the company’s biggest shareholder, but declined to join the social media platform’s board.
Musk said in a statement to the U.S. Securities and Exchange Commission that if his bid was rejected, he would have to reassess his shareholder status.
“It’s not a threat, it’s just not a good investment without the changes that need to be made,” he said. “And those changes won’t happen without privatizing the company.”
The US-based contractor said he was not playing the bargaining game and this was his last offer.
Twitter’s board said it would review Musk’s filing with the Securities and Exchange Commission, describing it as an “unsolicited non-binding offer.” The board said it would make decisions in “the best interests of the company and all of Twitter’s shareholders.”
Musk said he believes Twitter has the potential to be a platform for free speech.
“However, since making my investment, I now realize that the business will not thrive or serve this societal imperative in its current form,” the entrepreneur said.
He added: “Twitter has tremendous 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 more than eight million followers.
Musk has previously said he looks forward to working with Twitter CEO Parag Agarwal and the board in the coming months to make significant changes to the platform.