Elon Musk is offering to buy Twitter, just days after the Tesla CEO said he would no longer be joining the social media company’s board of directors.

April 14 (Reuters) – Elon Musk took aim at Twitter (TWTR.N) with a $41 billion cash offer on Thursday, with the Tesla CEO and billionaire entrepreneur saying the social media giant needs to be taken private to grow and become a platform for free speech.

“Twitter has extraordinary potential. I will unlock it,” Musk, who is already the company’s second-largest shareholder, said in a letter to Twitter’s board on Wednesday. The offer was made public in a regulatory filing on Thursday.

Musk’s offer price of $54.20 per share represents a 38% premium to Twitter’s April 1 close, the last trading day before his 9.1% stake in the social media platform was made public.