Tesla CEO Elon Musk proposed to buy Twitter for more than $43 billion and take the social media company private.
Musk's best and final bid to buy a 100 percent stake in Twitter at $54.20 (about $346, currently at $57) per share, according to SEC documents, said he would have to reconsider his position as a shareholder if his offer was not accepted.
Musk recently disclosed a 9.2 percent stake in Twitter, but the disclosure came later, and Musk's move drew outrage among shareholders, who accused him of illegally delaying the disclosure of his stake in the social media company so he could buy more shares at a lower price.
Twitter invited him to join the board, but he later declined the offer to join its board and criticized the social media platform in a tweet.
He wrote in the filing that he hopes to "transform" the social media platform into a private company.
Musk wrote: "I invested in Twitter because I believe it has the potential to become a platform for free speech around the world, and I believe that freedom of speech is a social necessity for democratic functioning." However, since I made my investment, I now realize that companies will neither thrive nor serve this social need in their current form. ”
Musk said the acquisition attempt "is not a threat, and it's not a good investment at all if there aren't changes that need to be made." ”