It’s official. Twitter Inc. has announced that it has entered into a definitive agreement under which it will be acquired “by an entity wholly owned by Elon Musk.”

The cash deal at $54.20 per share brings the total to roughly $44 billion. Once the transaction is completed, Twitter announced Monday afternoon, that the company will go private.

“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.

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

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