Tesla CEO Elon Musk has agreed to acquire Twitter for $44 billion on the 25th local time, The New York Times (NYT) reported.
Twitter is said to have agreed to sell its company to Elon Musk for $54.20 per share, for a total of $44 billion.
The acquisition price appears to have added a 38% control premium to Twitter's share price this month.
The New York Times described it as "a triumph for the world's richest man to acquire influential social media frequented by world leaders, celebrities, and cultural trend leaders."
According to data compiled by market research firm Dealogic, the acquisition is the largest transaction to convert a listed company into an unlisted company in at least 20 years.
Musk previously made a public offer to take over Twitter, saying he would buy the company and turn it into an unlisted company.
"Freedom of expression is the foundation of a functioning democracy," he said in a statement. "We want to make Twitter better than ever," he said.
"The proposed M&A transaction will provide a significant cash premium, and we believes this is the best way for Twitter's shareholders."
said.
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