The world’s richest man, Elon Musk, has bought Twitter in a deal worth $44 billion USD.
The Tesla and SpaceX owner paid $54.20 per share for Twitter, after intense negotiations with the board.
The deal was announced as trading closed on Wall Street.
In a statement, Musk tweeted that he wants 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.”
He’s also been firm about the need for freedom of speech on the platform, saying “free speech is the bedrock of a functioning democracy and Twitter is the digital town square.”
Musk has also flagged concerns about content moderation.
Former US President, Donald Trump, has ruled out a return to Twitter even if his ban is overturned.
Instead, Mr Trump says he will use his own social network platform Truth Social.
Current US President, Joe Biden, is going after Twitter, following the news of Musk’s purchase.
However, White House spokesperson, Jen Psaki says, plans to rein in social media giants has already been in the pipeline for some time.
“No matter who owns or runs Twitter, the President has long been concerned about the power of large social media platforms – the power they have over our everyday lives – and has long argued that tech platforms must be held accountable for the harms they cause,” said Psaki.
Twitter has now become a privately held company.