Businessman Elon Musk has offered to buy Twitter, saying the social media giant “needs to be transformed as a private company.”

He is already Twitter’s largest shareholder, owning more than 9% of the company, and a regulatory filing showed he offered $54.20 per share to buy the rest.

That price would value the company at about $43 billion and represents a 38% premium above the stock’s closing price on April 1, the last trading day before Musk bought his 9%.

“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk said.

Some information for this report came from The Associated Press and Reuters.

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