The bid of chief executive officer of Tesla motors, Elon Musk to acquire American social network company, Twitter has prompted response from the microblogging platform on Thursday.

Twitter’s response was made public after the entrepreneur’s bid went round that the business magnate declared interest in acquiring the company. Sources also disclosed that the one of the reasons for the statement men was he believes the company needs to be “transformed.”

In a statement issued on Thursday, Twitter said its board will evaluate an “unsolicited, non-binding” offer from Tesla chief Elon Musk to acquire the social media company.

“The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,” Twitter said.

Meanwhile, the company also confirmed it received Musk’s bid valuing the company at $43.4 billion.