Elon Musk wants to buy Twitter for $43B

Elon Musk unveiled a $43 billion

for Twitter on Thursday, after previously in the social media business.

In a statement to the Securities and Exchange Commission, Elon Musk, the South African-born billionaire and CEO of Tesla and SpaceX, said he believed in Twitter's "potential to be

around the world," but that since his initial investment in the company in early March, he had realized it couldn't achieve that goal under its current structure.

"Twitter needs to be reinvented as a private firm," he stated, adding that his $54.20-per-share bid was his "best and final offer." In

on Thursday, shares of the social media business soared by more than 10%.

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