Elon Musk became the biggest shareholder in Twitter with a 9.2% stake 

Elon Musk offers to buy Twitter for $41 billion after Twitter filed a suit against Musk for over delay in disclosing a stake in the company. Under US law, the investors must reveal their shares if the amount cross 5% of the share amount.

After the company has rejected the request of the social media giant investor Elon Musk for acquiring a seat on the board of the social media company. Musk has offered $54.20 per share which was disclosed in a regulatory filing on Thursday.

In premarket trading, the shares of the company Twitter jumped by 12%.

In a letter sent to the chairman Bret Taylor by Elon Musk “Since making my investment, I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed into a private company,” the letter contains.

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In its filing, he said “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 social imperative for a functioning democracy,” he added “However since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”

Billion Investor Elon Musk said he had abandoned his plan to join Twitter’s Board. Musk added “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Elon Musk said.

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