Elon Musk makes cash offer to buy Twitter

Elon Musk has made a cash offer to buy Twitter for $54.20 per share, in his latest play for the social media giant.

The Tesla billionaire said on Thursday in a letter to the chairman of Twitter’s board Bret Taylor, disclosed via a 13-D filing, that if the offer is not accepted he would “need to consider [his] position as a shareholder.”

The price is a 54% premium over the day before he began investing in twitter and a 38% premium over the day before his investment was publicly announced, he said in the note.

The move comes following a week of flip-flopping on his official position at the company. Earlier this week, Musk said he would not be joining Twitter’s board, a move that would have prevented him from increasing his stake in the social media firm beyond 14.9%.

The news came five days after twitter CEO Parag Agrawal said Musk was joining Twitter’s board, following the billionaire’s purchase of a 9.2% stake in the company.

Twitter’s share price was up around 11.6% in pre-market trade on Thursday, according to data provided by MarketWatch.