A recent report discloses that Elon Musk has made an offer to buy Twitter outrightly.

The report further reveals that a new filing to SEC shows that the South African billionaire offered to acquire all remaining shares in Twitter for $54.20 per share. Twitter shares as at press time is $45.85, soaring 18% in pre-market trading.

This comes after he rejected to be part of the board earlier this week.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk wrote in a letter sent to Twitter Chairman Bret Taylor and disclosed in a securities filing.

“However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed into a private company,” Musk says.

He also said that he has a plan B if the Twitter board rejects his offer.

The road to buying Twitter would not have been smooth as Musk had thought, as the Wall Street Journal reports that Vanguard Group now has the largest shares.

Nonetheless, he still has the most shares owned by a single individual at the company.