Elon Musk has sensationally offered to buy Twitter for $41.39bn, according to regulatory filing.

The billionaire Tesla chief executive’s offer equated to $54.20 per share, a 38% increase on the closing price of the social media platform’s stock on 1 April.

Elon Musk Twitter valuation

In a letter to Twitter chairman Bret 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.

"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 as a private company."

He added: "My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”

Elon Musk not joining Twitter’s board of directors

The news comes days after it emerged Musk will no longer be joining Twitter’s board of directors as previously announced despite remaining the platform’s largest shareholder.

Taking the seat on the board would have stopped him from any possible takeover of the company.

Mr Musk’s 80.5 million Twitter followers make him one of the most popular figures on the platform, rivalling pop stars like Ariana Grande and Lady Gaga.