Billionaire, Elon Musk, has reached an agreement to buy Twitter for approximately $44 billion, the company has confirmed.

Musk acquired the company at $54.20 a share, the same price named in his initial offer on April 14.

“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 included with the release.

“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 CEO, Parag Agrawal, speaking on the deal, added: “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.”