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Twitter has said it will carefully review the proposal of Tesla CEO, Elon Musk, to acquire the social media company.

The Board of Directors said the review will be done to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.

Twitter made this known in a statement on Thursday.

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In the statement, the company confirmed it received Musk’s bid valuing the company at $43.4 billion.

“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”, Musk said.

He noted that he had invested in Twitter and he believes in its potential to be the platform for free speech around the globe which is a societal imperative for a functioning democracy.

The company, according to him, will neither thrive nor serve this societal imperative in its current form; hence, his desire to take over the company.

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