Twitter announced on Monday it has accepted Tesla CEO Elon Musk's offer to acquire the company at $54.20 a share, valuing the social media platform at $44 billion.
"The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing," Twitter's Independent Board Chair Bret Taylor said.
"The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders," he added.
The deal is not yet done. Various regulatory and shareholder approvals are still pending and there is the potential of others coming in with a different or higher offer, according to a report by TechCruch.