After weeks of discussions, Elon Musk has reached an agreement with Twitter officials to purchase the social media site for $44 billion.

That’s according to a statement released by Twitter, which also reports that once the deal is finalized, the online giant will become a privately held company.

When that happens, Twitter shareholders will receive $54.20 in cash in exchange for each of their shares in the company, Musk says.

“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 says.

The transaction is expected to be complete by the end of the year.

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