BREAKING: Elon Musk officially buys Twitter

Patrick Pleul/Pool via AP

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The ink has dried. Elon Musk is now officially set to be the owner of Twitter.

In a Monday afternoon announcement, Twitter said that it had reached an agreement with Musk, the world’s richest man, over the total acquisition of the influential social media platform.

Twitter announced that it has entered into a definitive agreement to be acquired and wholly-owned by Musk, for $54.20 per share in cash in a transaction valued at around $44 billion. Upon completion of the transaction, Twitter will be entirely privately held by Elon Musk.

According to the press release, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they will own upon closing the transaction. The purchase is a 38% premium to Twitter’s closing stock price on April 1, which was the last day of trading before Musk announced his bid to take over the company.

“The Twitter board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders,” said Bret Taylor, Twitter's independent board chair.

Parag Agrawal confirmed the buyout on Twitter, remarking that “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”

“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," said Musk in the press announcement. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”