Elon Musk has agreed a deal to buy Twitter for about $44bn. This was confirmed on Monday after Twitter agreed to be taken over at $54.20 a share. Speaking on the motivation behind the deal, Musk revealed that he intends to transform the platform by taking it private.

In a statement announcing the deal, he 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 spambots, and authenticating humans.

“Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”

In a statement confirming the transaction, Twitter’s Independent Board Chair, Bret Taylor, 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.”

Twitter’s Chief Executive Officer, 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.”

On April 4th, Elon Musk announced that he had purchased 9.1 per cent of Twitter, making him one of the largest shareholders of the company. On April 14th, Elon Musk made his offer to announce an offer to buy Twitter for $54.20 a share.