Elon Musk, Tesla's CEO, has made a bid to purchase Twitter, a microblogging and social media network, for $43 billion.
On Thursday, Musk revealed the offer in a filing with the Securities and Exchange Commission.
The billionaire will pay 54.20 per share in cash, a 54 percent premium over the closing price on January 28 and a total value of $43 billion.
In a letter to Twitter's board, Musk stated that "in its current form, Twitter can neither survive nor serve [its free speech] societal mandate." Twitter should be turned into a private firm."
On April 4, Musk revealed that he had a 9% share in Tesla.
The 50-year-old conducted a poll on March 24 to determine whether Twitter's algorithm should be open source.
Later, Musk inquired about Twitter's adherence to the principle of free speech.
Musk inquired if a new networking site was needed after the majority said no, revealing that he was considering launching his own.