Elon Musk and Twitter have come to an agreement for a $44billion takeover!

Elon Musk and Twitter have come to an agreement for a $44billion takeover!

The announcement follows what were reported to be extensive discussions between Elon Musk and Twitter's board starting on Sunday that stretched into the early hours on Monday.

The multi-billionaire announced an offer to buy the social media platform on 14 April for $54.20 a share, or about $44billion.

Twitter said Monday it has agreed to sell itself to Elon Musk in a roughly $44 billion deal that has the potential to expand the billionaire's business empire and put the world's richest man in charge of one of the world's most influential social networks.

Under the terms of the deal, shareholders will receive $54.20 in cash for each share of Twitter stock they own, matching Musk's original offer and marking a 38% premium over the stock price the day before Musk revealed his stake in 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," Musk said in a statement Monday. "Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it."

The deal, which will take the company private, caps off a whirlwind period in which the Tesla and SpaceX CEO became one of Twitter's largest shareholders, was offered and turned down a seat on its board and bid to buy the company — all in less than a month.