Elon Musk offers to buy Twitter for $43 billion in cash

Elon Musk offered to buy Twitter for $54.20 a share in cash, or about $43 billion, according to documents filed with the Securities and Exchange Commission Wednesday.

Why it matters: The move, which Musk called his "best and final offer," comes after the billionaire has repeatedly criticized Twitter, disclosed a 9.2% stake in the social media company and backed out of joining its board of directors.

What they're saying: "As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made," Musk told Twitter, per the filing.

"I am not playing the back-and-forth game. I have moved straight to the end. It's a high price and your shareholders will love it," he added.

"If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder."