Twitter announced on Monday that it has entered into a definitive agreement to be acquired by Tesla founder Elon Musk in a transaction valued at around $44 billion.
Once the transaction is completed, Twitter will become a privately held company, the company said in a statement.
"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.
Musk made the non-binding proposal to acquire all outstanding common stock of Twitter not already owned by him earlier this month.
The transaction, which has been unanimously approved by the Twitter board of directors, is expected to close in 2022, subject to the approval of Twitter stockholders.