Twitter Inc. board has now come to an agreement to sell the social media company to the richest man of the moment, Elon Musk in a $44 billlion deal.
The news was officially announced on Monday following Musk’s offer to takeover the platform.
“Twitter has entered into a definitive agreement to be acquired by an entity wholly by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.
Upon completion of the transaction, Twitter will become a privately held company,” the company said in a news release.
Musk who is currently the richest man with the net worth of $266.8 billion, put in a bid to buy the social media platform for $43 billion on April 14.
The offer was at first rejected by Twitter, but after Musk confirmed a funding package, the takeover got announced on Monday (April 25).
“I hope that even my worst critics remain on Twitter, because that is what free speech means,” Musk tweeted.