Twitter's board will evaluate an "unsolicited, non-binding" offer from Tesla chief Elon Musk to acquire the social media company, Twitter said Thursday.
"The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders," Twitter said as it confirmed it received Musk's bid valuing the company at $43.4 billion.
Elon Musk offered to buy 100 percent of its stock and take it private, according to a stock exchange filing.
Musk offered $54.20 a share, which values the social media firm at $43.4 billion, in a filing dated Wednesday April 13 with the Securities and Exchange Commission. His latest move towards Twitter comes just days after he turned down a seat on the board following his acquisition of a 9.2 percent stake in the microblogging platform.
Musk, Twitter's biggest shareholder, said his "offer is my best and final offer" and he would reconsider his position as a shareholder if it was rejected.
"Twitter has extraordinary potential. I will unlock it," he said.
Currently the world's richest man and with more than 80 million followers on the microblogging platform, Musk last week disclosed a purchase of 73.5 million shares -- or 9.2 percent -- of Twitter's common stock. His announcement sent Twitter shares soaring more than 25 percent.
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