Twitter announced that it has accepted Elon Musk’s offer to purchase the company for $44 billion, giving the billionaire total control of the social media platform.

Elon MuskElon Musk

Musk purchased the company for $54.20 a share, a price he named in an offering earlier this month, Twitter announced Monday. In a filing with the Securities and Exchange Commission Friday, Musk said he had secured funding for the deal.

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