(CNBC) Shares of social media giant Twitter rose more than 12% in premarket on Thursday after biggest shareholder Elon Musk offered to take it private at $54.20 a share.
Musk says Twitter should go private since it cannot deliver free speech in its current state.
The Tesla CEO says his 100% share buyout at $54.20 is final, and if not accepted, he would need to reconsider his position as a shareholder.
The latest development comes after Musk revealed a 9.2% stake in Twitter this month, which pushed the stock up 27%. Later, Musk declined to join the company’s board after becoming the social media giant’s largest shareholder.
Musk’s offer values Twitter at around $43 billion, with the price at a 54% premium before the Tesla CEO started to invest in the social media giant. The offer price is also a 38% premium over the day prior to the announcement of the investment.
TWTR: NYSE is up 12.01%
