Elon Musk has made an offer to acquire Twitter for around $41 billion, equivalent to $54.20 per share, Reuters reported, citing a regulatory filing.

The price offer represents a 38% premium over Twitter’s price on April 1st.

Twitter’s shares soared 12% in premarket trading.

This announcement comes days after Musk said he would not join the board of Twitter.

It is worth noting that Elon Musk previously purchased a 9.2% stake in Twitter, becoming the biggest shareholder in the company.