(WXYZ) — Elon Musk is offering to buy Twitter just days after it was reported he would no longer join the social media company's board of directors.
According to a filing on Thursday morning, Musk is offering to buy 100% of the company for $54.20 per share in cash. He currently owns just more than 9% of its stock and is 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," Musk wrote 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."
In a statement, Twitter said its Board of Directors "will carefully review the proposal" to determine whether the sale is in the best interest of the company and its stockholders.
Last week, Twitter said it entered into an agreement with Musk that he would be given a seat on the board with a term expiring at its 2024 shareholders meeting. On Monday, Musk said he had changed his mind, and there were no details given as to why he changed his decision.
The cash deal offer also comes one day after a Twitter shareholder sued Musk, accusing the billionaire of illegally delaying the disclosure of his big stake in Twitter so he could buy more shares at lower prices.