Elon Musk is the world's richest person, according to Forbes magazine, with an estimated net worth of $273.6bn mostly due to his shareholding in electric vehicle maker Tesla which he runs. He also leads the aerospace firm SpaceX.
A $44bn (£34.5bn) takeover offer from Elon Musk has been accepted by the board of Twitter.
"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 announcing the deal.
Musk, in a joint statement with Twitter, said that he wants to make the service “better than ever” with new features, such as getting rid of automated “spam bots” and making its algorithms open to the public to increase trust.
Two weeks after the billionaire first revealed he held a 9% stake in the platform, the deal was finalized. On April 14, Musk announced an offer to buy the social media platform for $54.20 per share.
While the stock has risen sharply since Musk's offer, it is still significantly below its February 2021 high of $77 per share.