Elon Musk Reveals Plans for Twitter After Buying Company for $44 Billion

Elon Musk is buying Twitter for a whopping $44 billion.

The news was announced in a press release on Monday, confirming Twitter 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. Upon completion of the transaction, Twitter will become a privately held company.”

Musk added in a statement, "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.”

He said of his plans for the company, “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 spam bots, and authenticating all humans. Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it."

Twitter CEO Parag Agrawal also weighed in, saying, "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."

The transaction is expected to close this year.