Leading social networking site Twitter has confirmed that the world’s richest man Elon Musk bought Twitter for $44 billion.

According to the French news agency AFP, the board of directors of Twitter had earlier rejected the offer of Elon Musk, the owner of the electric car company Tesla, but the matter was settled yesterday.

Announcing the purchase of Twitter, Elon Musk said in a joint statement that freedom of expression is the foundation of an active democracy and that Twitter is the crossroads of the digital town where the future of humanity is discussed.

Shares of Twitter rose 4.5 percent to 51 51.15 in pre-market trading in New York yesterday as the deal unfolded.

Earlier, the British news agency Reuters had predicted that Twitter would probably accept Elon Musk’s offer of US 54 54.20 per share on Monday.

Tesla owner Elon Musk has been personally negotiating with company officials to buy Twitter, but his company was not involved in the negotiations.

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Four days ago, Elon Musk announced a .5 46.5 billion finance package to buy Twitter, after which Twitter’s board members considered the offer further on the advice of a majority of shareholders.

The company’s chief technical officer, Prague Agarwal, took over the post in November last year after Twitter co-founder Jack Dorsey resigned as the company’s chief executive.

The sale of Twitter also acknowledges that the new chief executive, Prague Agarwal, has not been profitable for the company.

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