Elon Musk offers to buy Twitter

Elon Musk has made an proposal to buy Twitter (TWTR) and take it private, saying he believes the company needs to be "transformed."

According to an SEC filing, Musk has proposed to acquire all the shares in Twitter he does not own for $54.20 per share, valuing the company at $41.4 billion.

Musk said the money  offer was his "best and last offer," according to the SEC filing, adding that if it's not accepted he would have to reconsider his position as a shareholder.

The Tesla CEO sent an offer letter to the company Wednesday night, according to the filing.

The letter was addressed to Bret Taylor, the chair of the Twitter board, not CEO Parag Agrawal, who assumed that title last fall. It concludes: "Twitter has extraordinary potential. I will unlock it."

Twitter issued a statement Thursday confirming that it had received the offer.

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