Musk’s best and final offer was to pay $54.20 per share for 100% of Twitter, and said that if his offer was not accepted he’d have to reconsider his position as a shareholder, according to an SEC filing.
Musk recently disclosed a 9.2% stake in Twitter, but he rejected an offer to join its board of directors and criticized the social media platform in tweets.
He wrote in the filing that he'd want to "transform" the social media platform as a private company.
"I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy," Musk wrote. "However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form."
Musk said the takeover attempt is "not a threat, it's simply not a good investment without the changes that need to be made."
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