Today (April 25), it was announced that business mogul and billionaire Elon Musk would purchase the popular micoblogging site Twitter for a whopping $44 billion.

Musk — who has a net worth that reportedly tops $260 billion — will close this deal by the end of the year. Sources say Twitter’s board unanimously approved the deal.

Twitter independent board chair Bret Taylor said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing.” Taylor went on to call the move “the best path forward for Twitter‘s stockholders.”

Musk released a statement that read, “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.” He continued, “Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”

Musk — who is also the CEO of Tesla and SpaceX CEO — is widely known for his innovative flair so there’s no doubt that he has the ability to take the app to new heights.

The current deal states that shareholders shall receive $54.20 in cash for each Twitter share stock they own. This will match the mogul’s previous offer and mark a 38% premium over the stock price the day before he revealed his stake in the company.

Sources say Twitter’s stock increased by almost 6% after the deal was announced. At around $51.84, the stock was just shy of the offer price.

In today’s statement, Musk revealed wanting 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.”

Twitter CEO Parag Agrawal released a statement today adding, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”