Elon Musk has reached a deal to buy Twitter.

The news was announced on Monday following Musk’s offer to take over the social platform.

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,” the company said in a news release.

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