Twitter deal finalized, Tesla chief Elon Musk to buy microblogging site for $44 Billion

Elon Musk clinched a deal to buy Twitter for $44 billion on Monday.

Elon Musk clinched a deal to buy Twitter for $44 billion on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world`s richest person. Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer. Under pressure, Twitter started negotiating with Musk to buy the company at the proposed $54.20 per share price.

The deal ends Twitter`s run as a public company since its 2013 initial public offering. "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.

Twitter`s shares were up about 6% following the news.

Check some facts related to Twitter-Elon Musk saga:

• Twitter's restrictions have been criticised by Elon Musk, a self-described "free speech absolutist."
• Tesla's CEO has stated that Twitter has to be turned private in order to flourish and become a genuine platform for free speech.
• The agreement has been announced just four days after Musk announced a financing package to support the purchase. As a result, Twitter's board of directors began to take the acquisition more seriously, and many shareholders urged the company not to let the chance for a purchase pass them by.
• Musk is the social media company's second-largest shareholder, with a 9.1% stake in the company. Elon Musk was previously invited to join Twitter's board of directors, but he declined.
• The Twitter board of directors was opposed to the plan, putting in place a "poison pill" rule that would make it more difficult for Musk to buy more than 15% of the company through the stock market.
• Twitter's potential 180-degree reversal comes after Musk met with many of the company's shareholders on Friday.
• Tesla CEO Elon Musk announced on Thursday that he has obtained $46.5 billion in financing for the deal.