Elon Musk recently turned down an offer to join the company’s board of director’s

Elon Musk, billionaire CEO of Tesla and SpaceX, has offered to buy the social media company Twitter, a regulatory filing showed on Thursday.

The filing showed Musk was offering to pay a total of $41.39 billion (€37.92 billion) to buy the platform.

That amounts to $54.20 per share, up 38% on the price per share before Musk bought over 9% of shares on April 1. Twitter’s share price jumped markedly in pre-market trading, already approaching the value Musk had offered.

“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,” Musk said in a letter to Twitter Chairman Bret Taylor, seen by Reuters.

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