Tesla CEO Elon Musk has offered to acquire Twitter for about $43 billion, only days after refusing a seat on the social media company's board. Earlier, he claimed that the social media network is failing to uphold free speech ideals, and needs to be converted into a private firm.

Musk's Twitter offer comes only days after he was denied a seat on the company's board despite being the largest shareholder. On Thursday, he proposed $54.20 a share in a letter to Twitter Chairman Bret Taylor, saying the firm has "extraordinary potential" that he will "unlock."

Musk called the pricing his best and last offer, but he didn't elaborate on funding. The offer is non-binding and is subject to financing and other terms.

"I invested in Twitter because I believe in its potential to be the global platform for free expression, and I believe free speech is a social requirement for a functioning democracy," Musk said in a letter to Twitter Chairman Bret Taylor.

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"However, after making my investment, I've realised that the firm, in its current form, would neither prosper nor serve this societal necessity. Twitter must be restructured as a private firm," said Musk

Twitter stated that it has received Musk's offer and would consider whether accepting it or continuing to function as a publicly listed corporation is in the best interests of its shareholders.