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Twitter has agreed to an all-cash offer from billionaire Elon Musk to buy the social media company at $54.20 per share and take it private. The deal, announced yesterday, is valued at $44B and comes less than two weeks after Musk offered his unsolicited buyout plan, following a disclosure of his 9.2% stake in the company. Twitter’s shares closed up 5.6% yesterday. 

Musk, the CEO of Tesla and SpaceX, last week said he secured $46.5B in financing, comprising $21B of equity and $25.5B of debt. The 50-year-old entrepreneur previously criticized Twitter for restricting free speech and undermining democracy. Musk said he plans to introduce new features and make the platform’s algorithms open source. See his proposed changes here.

Twitter’s board at first had enacted an anti-takeover measure known as a poison pill to fend off Musk’s bid, but later opened negotiations when concrete details of his financing package emerged.