In one of the biggest takeovers in the history of tech world, Tesla and SpaceX CEO Elon Musk has acquired Twitter for $44 billion with shares valued at $54.20, making the social media giant now a privately held company.

Bret Taylor, Twitter’s Independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

In his first tweet as Twitter’s owner, Elon Musk announced that he looks forward to working with the company. “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,” the billionaire wrote.

“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,” he added.

Elon Musk had purchased a 9.2 percent stake in the company earlier this month, making him the second biggest shareholder in Twitter, although he refused to be part of the company’s board. His offer to buy 100 percent stake in Twitter was initially dismissed by Wall Street and the company had adopted a “poison pill,” a defensive action that would prevent the billionaire from amassing more of the company’s stock.

After finalizing the deal with Musk, Twitter CEO Parag Agrawal said, “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.”

????♥️ Yesss!!! ♥️???? pic.twitter.com/0T9HzUHuh6

— Elon Musk (@elonmusk) April 25, 2022