Elon Musk has offered to buy Twitter outright.

Last month, The Tesla owner bought a stake worth around $3 billion in the company. Parag Agrwal, CEO of the company stated that Musk was also offered a chair on the board. However, the 50-year-old refused to take it. Agrawal said, "Elon is our biggest shareholder and we will remain open to his input."

Musk bought up about 73,486,938 shares on March 14, according to a US securities filing. That adds up to about a 9.2% stake in in the social media company.

However, it looks like that wasn't enough. Musk now has his sights set firmly on a complete takeover. In a recent letter to Twitter chairman Brett Taylor, Musk wrote:

"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.

"However, 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.

"As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer. If it is not accepted, I would need to reconsider my position as a shareholder.

"Twitter has extraordinary potential. I will unlock it."

The South African billionaire has been outspoken in his criticism of Twitter lately. Last month, he tweet that the platform "fundamentally undermines democracy."

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