Elon Musk will officially acquire Twitter for $44 billion

The company is expected to announce a deal with Musk by the end of the day.

The day we all have been waiting for is here: Elon Musk is officially acquiring Twitter, the social media app that’s been nothing short of polarizing over the past several years. The news was confirmed by Twitter in a press release and comes after a handful of reports from outlets like The New York Times, Reuters, and The Jerusalem Post surfaced earlier today with the same announcement.

Musks’s buyout values Twitter at around $44 billion, or $54.20 per share. The billionaire, who also owns Tesla and SpaceX, secured $46.5 billion in funding last week in order to ensure shareholders and board members that his offer was serious. As previously reported, that consists of $25.5 billion of fully committed debt and margin loan financing as well as $21 billion in cash.

Musk made headlines earlier this month by acquiring a 9.2 percent stake in Twitter. This purchase was then met by an offer from CEO Parag Agrawal to join its board. At the last minute, however, Musk rejected the offer, and at the time, it wasn’t clear what his motivations were. However, it was later discovered that it’s mostly because Musk didn’t want a set limit on how much of Twitter he could buy, as board members are only allowed to retain less than 15 percent of the company. He wanted the whole enchilada, which we learned in a tweet posted April 14th.

It’s been no secret that Musk isn’t happy with the way Twitter operates when it comes to content regulations. Musk believes that it’s necessary for the company to be taken private in order to maintain freedom of speech on the platform. “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 Mr. Musk in a press statement. “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.”

Meanwhile, Agrawal was a bit less descriptive of his feelings regarding the acquisition, but seemingly praising it nonetheless. “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.”

In a statement, 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.”