Twitter has accepted billionaire Ilon Musk’s offer to buy the social network for about $44 billion.
The Tesla CEO will pay $54.20 per share.
The deal, which would make Twitter a private company, is expected to be completed this year after approval by shareholders and regulators.
Twitter’s independent chairman, Bret Taylor, said the board conducted a “thoughtful and comprehensive process to evaluate Ilon’s proposal, focusing on value, certainty and financing.”
“Free speech is the foundation of a functioning democracy, and Twitter is a digital town square where issues vital to the future of humanity are discussed. I also want to make Twitter better than ever by adding new features to the product, making algorithms open to increase trust, defeating spam bots and authenticating all people. Twitter has enormous potential – I’m looking forward to working with this company,” he said.
Musk made the purchase with a fully committed $25.5 billion in debt and margin, and an additional $21 billion in commitments.
“I hope that even my harshest critics stay on Twitter, because that’s what free speech is all about,” Musk concluded.