LUBBOCK, Texas — Twitter officially announced Friday that it agreed to be acquired by an entity wholly owned by Elon Musk. The deal was $54.20 per share valued at approximately $44 billion.

“Upon completion of the transaction, Twitter will become a privately held company.” Twitter said in a press release.

“The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022,” Twitter also said.

“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. “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 has tremendous potential – I look forward to working with the company and the community of users to unlock it.”