Elon Musk buys Twitter for $44 billion

U.S. entrepreneur Elon Musk buys Twitter, Inc. for $44 billion, Twitter said in its press release, published in PR Newswire Monday.

"Twitter, Inc. today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion," the press release says, adding that, once the transaction is complete, Twitter will become a privately owned company.

"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," says Bret Taylor, Twitter’s Independent Board Chair.

Earlier, Musk announced his intention to turn Twitter into a private company. After that, Twitter’s shares will only be available for trade privately or outside of the exchange.