Two weeks after announcing his intention to buy Twitter for $43 billion, Twitter reveals that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk. Elon Musk will acquire Twitter for $54.20 per share in cash, valuing the deal at over $44 billion. Twitter will become a privately held company after the transaction is completed.

Twitter investors will receive $54.20 in cash for each share of Twitter common stock they possess when the proposed deal closes, according to the terms of the agreement. The purchase price is a 38 % premium to Twitter’s closing stock price on April 1, 2022, the final trading day before Musk revealed his estimated 9% ownership in the company.

According to CNN, the board of Twitter met on Sunday to evaluate Musk’s offer, and that discussions at that point had become serious. Bret Taylor, Twitter’s Independent Board Chair, said, “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.”

Before his offer to buy Twitter was approved, Musk shared his views on how Twitter should be a “public platform that is trusted and inclusive”, and argued about the lack of free speech on Twitter and how he would solve the company’s content moderation decision. It would appear that Musk still plans to follow through with his intentions, revealing in a statement that he intends to, “make Twitter better than ever by enhancing the product with new features, defeating spam bots and authenticating all humans.” 

Musk has obtained $25.5 billion in “fully committed debt and margin loan financing” and is funding the purchase with around $21 billion of his own money.

Read more information about the acquisition here.