Billionaire Elon Musk has sought to buy the social media giant Twitter for $41 billion, saying that the company needed to be “transformed”.

Musk offered $54.20 a share, which values the social media firm at $41 billion, in a filing dated 13 April with the Securities and Exchange Commission.

The move comes only days after he turned down a seat on the company’s board, following his acquisition of a 9.2% stake in the company, making him the largest shareholder.

“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 societal imperative for a functioning democracy,” said Musk in the filing.

“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.

“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced.

“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”

He said that the social media giant has “extraordinary” potential and that he will “unlock it”.

Musk, who is the world’s richest man and who has a massive following on the social media platform with 81.6 million followers, is also the head of Tesla and SpaceX.

I made an offer https://t.co/VvreuPMeLu

— Elon Musk (@elonmusk) April 14, 2022

Additional reporting by AFP