(Pocket-lint) – Tesla owner Elon Musk has instigated a bold bid to take over Twitter.
Already its major shareholder, he is attempting to acquire the social media company outright in a deal that could be worth $ 43 billion (£ 32.7 billion).
He is offering 54.20 in cash for each share.
Bloomberg reports that the offer was filed with the US Securities and Exchange Commission today (Thursday 14 April). It saw Twitter’s shares soar by 18 per cent, although its offer is still greater than their current value.
Earlier this week, Elon Musk turned down the opportunity to sit on Twitter’s board of directors, even though previous reports claimed he would. Now we know why.
The often controversial and outspoken tech figurehead also suggested the social network add an edit button, which it then announced as a new feature.
Musk’s personal wealth is currently estimated to be around $ 260 billion. He has also threatened to sell his own shares if the bid proves unsuccessful: “If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder, “he said in a statement.
Writing by Rik Henderson.