Elon Musk has agreed to acquire Twitter for approximately $44 billion (€41,07 billion), promising a more forgiving approach to content monitoring.

Tesla CEO Elon Musk, the world's wealthiest person, has stated his desire to acquire and privatize Twitter because he believes the network is not living up to its potential as a forum for free speech.

Mr. Musk stated in a joint statement with Twitter that he wants to make the service "better than ever" by adding new features such as eliminating automated "spam bots" and opening up the site's algorithms to the public to build confidence.

"Free speech is the bedrock of any functioning democracy, and Twitter serves as the digital town square for debating issues critical to humanity's future," he said.

The acquisition was finalized almost two weeks after the billionaire declared his initial 9 percent investment in the site. Mr. Musk announced last week that he had secured $46.5 billion in financing to acquire Twitter, increasing pressure on the company's board of directors to reach an agreement.

Twitter stated that the deal was authorized unanimously by the company's board of directors.

The board of directors comprises 11 members, including Twitter co-founder and former CEO Jack Dorsey, who has been scheduled to resign from the board in May.

Twitter stated that the transaction will likely occur later this year and is subject to shareholder and regulatory clearance.

Twitter Inc's stock increased 6 percent to $52 per share on Monday. Mr. Musk announced a bid to purchase the social networking site on April 14 for $54.20 per share.

While the price has increased significantly since Mr. Musk's offer, it is still much below the February 2021 high of $77 per share.

Mr. Musk has defined himself as a "free-speech absolutist," but he is renowned for barring or criticizing other Twitter users who disagree with or question him.

He has advocated a range of reforms to the firm, ranging from loosening content controls – such as those that suspended former President Donald Trump's account – to purging the site of phony and automated accounts and abandoning its advertising-based income model.

When asked lately if his concept of "free speech" has any limitations, Mr. Musk stated that Twitter is "obviously bound by the country's laws in which it operates." Thus, there are some restrictions on free speech in the United States, and Twitter would have to follow those standards".