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Elon Musk buys Twitter for $44 billion

Germany Musk
(Britta Pedersen/Pool via AP)

The board of directors at Twitter has agreed to Elon Musk’s private purchase of the social media platform for $44 billion.

Musk will pay $54.20 per share to take the company private and will become the sole owner of the micro-blogging site.

He had originally purchased a 9% share of stock, becoming the company’s largest single stockholder, but later turned down a seat on Twitter’s board of directors and launched an effort to acquire the platform outright.

The Tesla Motors founder contends that his ownership of Twitter will lead to more openness on the platform as some have accused the company of managing the type of speech that is permitted there.

Twitter stock price closed at $48.93 on Friday.

The deal make take up to 9 months to close.