Twitter accepted Elon Musk's offer to buy the social platform.
They have entered a "definitive agreement to be acquired by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.”
Musk's proposal to take the company private was assessed with a "focus on value, certainty, and financing" and the board said it believes it is the best path forward for shareholders.
Musk said, ”Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.”
Musk also said he plans to make Twitter "better than ever" with moves including "making the algorithms open source to increase trust."
The deal is expected to close later this year, but that will depend on approval from both shareholders and regulators.
Twitter stock jumped 6% to $51.70 yesterday, after the social media company agreed to be taken private by Tesla CEO Elon Musk for $54.20 a share.
Tesla shares dipped 0.7% amid concerns that Musk might be distracted by the new acquisition.
