Elon Musk has agreed to buy Twitter for a whopping $44 billion.
The Tesla founder, who is the wealthiest person in the world, entered into a deal with shareholders to acquire the social network company on Monday.
Reflecting on the takeover, Musk vowed to make free speech a priority.
"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 50-year-old commented. "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."
Once the transaction is completed, Twitter will become a privately held company.
And Parag Agrawal, Twitter's chief executive officer, is excited about the future of the platform.
"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,” he added.