Elon Musk has reached an agreement to acquire Twitter for approximately $44 bn.
Upon completion of the transaction, Twitter will become a privately held company.
The Tesla CEO has said he wanted to acquire Twitter because he believes it is not living up to its potential as a platform for “free speech.”
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Twitter’s independent board chair Bret Taylor said.
“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Twitter’s chief executive Parag Agrawal added: “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.”
Musk has made clear his intention to improve the site’s relationship with censorship and free speech.
Shortly before the deal was confirmed, Musk tweeted: “I hope that even my worst critics remain on Twitter, because that is what free speech means.”
In a statement after the acquisition, Mr Musk said: “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.”
“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.”
The move marks one of the biggest acquisitions in tech history.