Twitter's Board of Directors reported this Friday that it has reached an agreement with billionaire Elon Musk to accept his offer to buy the social network for $44 billion in cash (a price of $54.20 per share).
Once the transaction is complete, Twitter will become a private company and delist, a move Musk says will ease pressure to make changes to the social network.
"Twitter's board undertook a thoughtful and comprehensive process to evaluate Elon's proposal with a deliberate focus on value, certainty and funding," said Bret Taylor, chairman of the social network's independent board.
The price implies a 38% premium to the closing price of Twitter shares on April 1, the last day in the market before Musk announced that he had acquired about 9% of the platform.
"The proposed transaction will generate a substantial cash premium, and we believe it is the best path forward for Twitter shareholders," he said.