The deal, which was unanimously approved by Twitter’s board, is expected to close this year.
It comes after Musk revealed last week that he had lined up $46.5 billion in financing to acquire the company, an apparent turning point that forced Twitter’s board to seriously consider the deal.
The board met Sunday to evaluate Musk’s offer.
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Twitter independent board chair Bret Taylor said in a statement, calling the deal “the best path forward for Twitter’s stockholders.”
Twitter stock was up nearly 6% following the announcement of the deal, hovering around $51.84, just shy of the offer price.
The deal is pending approval from shareholders and regulators.
In an internal message to employees obtained by CNN, Twitter CEO Parag Agrawal said he would hold an all-hands meeting with Taylor on Monday afternoon to answer questions about the deal.
“I know this is a significant change and you’re likely processing what this means for you and Twitter’s future,” he said.
What does Musk mean for Twitter?
Musk is both a high-profile Twitter user and a controversial one.
He has more than 83 million followers on the platform, which he has used over the years for everything from sharing memes and discussing his companies to insulting politicians, spreading misleading claims about COVID-19 and making offensive remarks about the transgender community.
Tesla CEO Elon Musk has said many times in the last few days that his goal is to improve free speech on the platform and unlock Twitter’s “extraordinary power.”
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