Twitter is on its way to become a privately held company as Elon Musk has reached an agreement to buy Twitter for roughly $44 billion on Monday.

“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 tweet.

Twitter on Tuesday announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk

for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.

The deal was cemented roughly two weeks after the billionaire first revealed a 9% stake in the platform.

Musk said last week that he had lined up $46.5 billion in financing to  buy Twitter, putting pressure on the company’s board to negotiate a  deal.

Twitter said Musk secured $25.5 billion of debt and margin loan financing and is providing a $21 billion equity commitment.

Twitter said the transaction was unanimously approved by its board of  directors and is expected to close in 2022, pending regulatory sign-off  and the approval of shareholders.

Shares of Twitter Inc. rose more than 5% Monday to $51.70 per share.