In a letter sent to the Twitter chairman Bret Taylor on Thursday, entrepreneur Elon Musk, best known for founding and heading Tesla and SpaceX, offered to purchase the entire company for $54.20 a share, stating that the social media platform has “extraordinary potential” that he will “unlock.”

In a 13D filing with the United States Securities and Exchange Commission, Musk states that “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.”

Following this, Musk categorically states that the offer is “my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”

Related: What Elon Musk’s investment could mean for Twitter’s crypto plans

On March 14, Musk became Twitter’s biggest shareholder following a 9.2% share acquisition valued at over $3 billion. In the weeks since, he has claimed he wants to utilize the platform for free speech and greater audience participation, tweeting a poll about adding an edit button that garnered over 4.4 million votes and sharing weed-inspired memes from his appearance on the Joe Rogan Podcast

Based on shares outstanding statistics published on Feb. 10 this year, Twitter currently has 800.64 million shares, which means that Musk’s offer of $54.20 per share approximately totals $43.4 billion.