Elon Musk to buy Twitter for $44 billion

Reuters Elon Musk clinched a deal to buy Twitter Inc for 44 billion on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the worlds richest person.

Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.

Under pressure, Twitter started negotiating with Musk to buy the company at the proposed 54.20 per share price.

The deal ends Twitters run as a public company since its 2013 initial public offering.

“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,” Musk said in a statement.

Twitters shares were up about 6 following the news.