Elon Musk has an agreement to acquire Twitter for about $44B

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

The outspoken Tesla CEO, the world’s wealthiest person, has said he wants to buy Twitter because he thinks it’s not living up to its potential as a platform for “free speech.”

He says it needs to be transformed as a private company in order to build trust with users and do better at serving what he calls the “societal imperative” of free speech.

Twitter said it will become a privately held company after the sale is closed.

Musk said last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.

Shares of Twitter rose 5 percent on Monday.

Categories: National News