Elon Musk Buys Twitter for $44 Billion

Twitter has been purchased by Elon Musk.

Musk offered to acquire the social network on Monday.

Twitter has entered into a definitive agreement to be acquired by a company owned by Elon Musk at $54.20 per share in cash in a transaction valued at $44 billion, according to a news release from the company. Upon closing the deal, Twitter will become a privately held business.

"Free speech is the cornerstone of a functioning democracy, and Twitter is the digital town square where issues vital to humanity's future are discussed," Musk said. Twitter has tremendous potential -- I look forward to working with the company and the community of users to unlock it." "In addition to improving the product, I want to make the algorithms open source to increase trust, defeat the spambots, and authenticate all Twitter users."

According to Twitter's Independent Board Chair, Bret Taylor, the company has "conducted a thoughtful and comprehensive process to evaluate Elon's proposal using deliberate attention to value, certainty, and financing. This transaction would deliver a substantial cash premium, and we believe it is the best option for Twitter's stockholders."

CEO Parag Agrawal added, "Twitter has a mission and relevance that impacts the entire world. We are deeply proud of our teams and inspired by their work."

In an SEC filing last week, Musk — who became Twitter's largest shareholder in early April — offered to pay $54.20 per share for 100 percent ownership of Twitter, and said that he wants to take the company private.

"I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy," the entrepreneur wrote in a letter to Twitter's Chairman of the Board Bret Taylor.

The billionaire went on to note that this proposal is his "best and final offer." Should it not be accepted, he said he would have to "reconsider my position as a shareholder."