Founder and CEO of Tesla Inc. Elon Musk intends to acquire the company Twitter Inc., which owns the social network of the same name.
Musk is offering $54.2 a share, which is an 18 percent premium to Wednesday’s closing price, Barron’s reports, citing regulatory filings.
Musk’s proposal values the company at $43.39 billion.
In early March, it became known that Musk owns a 9.2% stake in Twitter. The company offered him a seat on the board of directors on the condition that he could not own more than 14.9% of the shares, but he refused to take a seat on the board.
Shares of Twitter jumped 11% in early trading on Thursday.