Tesl CEO Ilon Musk has offered to buy out Twitter for $54.20 per share, Bloomberg writes.

Musk offered to “purchase all of the issuer’s outstanding common stock, valuing the securities at $54.20 per share,” according to the report.

“After investing in the company, I realized that it would neither thrive nor serve this public need in its current form. Twitter needs to be transformed into a private company. As such, I am offering to buy out 100% of Twitter,” Musk said in a statement.

The businessman called his offer “the best” and noted that it is final. If it is not accepted, Musk promised to “reconsider my position as a shareholder.”

“Twitter has incredible potential. I will unlock it,” Musk concluded.

The service’s share price is up 12.3% on the premarket.