Twitter's board of directors has finally agreed to sell the company to Elon Musk for nearly $44 billion. Shareholders will receive $54.2 for each common share, which is 38% more than their value as of April 1, when it became known that Musk had purchased a 9% stake in the company.

In April, Musk bought a 9.2% stake in Twitter for $2.89 billion, making him the company's largest shareholder. The billionaire said he was interested in buying Twitter because he believes in the company's potential as a platform where one can express freedom of speech around the world.

Elon Musk Will Not Join Twitter Board After All
Musk was about to be appointed to Twitter’s board of directors, with his term expiring in 2024, and he was limited from owning more than 14.9% of Twitter’s common stock.

After the deal is completed, Twitter will become a private company, the social network said in a statement. The deal is expected to close by the end of 2022.

It is reported that the head of Tesla and SpaceX plans to open the source code of the social network algorithms to increase trust.