Twitter on Monday confirmed it is selling the platform to billionaire entrepreneur Elon Musk in a deal valued at $44 billion.
The transaction will shift control of the social media platform populated by millions of users and global leaders to the world’s richest person.
Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.
Twitter started negotiating with Musk to buy the company at the proposed $54.20 per share price.
The deal ends Twitter’s run as a public company since its 2013 initial public offering as Twitter said it will become a privately held company after the sale is closed.
“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 said in a joint release, Monday, announcing the takeover”.
Twitter’s shares were up about 6% following the news.