Elon Musk, Tesla Motors CEO, has made an offer to buy Twitter for $41 billion, just days after declining a seat on the social media company's board of directors.

"As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made.After the past several days of thinking this over, I have decided I want to acquire the company and take it private. I am going to send you an offer letter tonight, it will be public in the morning."

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

— Elon Musk (@elonmusk) April 14, 2022

Musk's bid price of $54.20 per share, revealed in a regulatory filing on Thursday, is a 38 percent premium to Twitter's April 1 close, the final trading day before the Tesla CEO's more than 9 per cent holding in the company became public.

In premarket trading, Twitter's stock increased by 12%. "Since making my investment, I've realised that the company, in its current form, will neither prosper nor satisfy this societal necessity. Twitter must be restructured as a private corporation "In a letter to Twitter Chairman Bret Taylor, Musk stated.

"My offer is my best and final offer," Musk added, "and if it is not accepted, I will have to reevaluate my position as a shareholder."

Musk announced earlier this week that he will not be joining the board of directors of Twitter, just before his term was due to begin. Taking a position on the board of directors would have prohibited him from attempting to take over the corporation.