The deal is expected to close by the end of the year.

As we reported yesterday, Twitter began talks with prolific businessman Elon Musk to determine whether or not they would want to sell their operations to him. After a period of deliberation, the two parties came to a consensus on Monday afternoon and made the deal official: Elon Musk is buying Twitter in its entirety. As previously announced, he’ll be paying $54.20 for all of the company’s existing stock, a total price tag of $44 billion, and taking the company private.

Following the announcement of the deal, Twitter co-founder Jack Dorsey chimed in on the matter, stating his confidence that Musk can continue and expand upon the social platform’s mission statement.

“I love Twitter. Twitter is the closest thing we have to a global consciousness,” he tweeted. “The idea and service is all that matters to me, and I will do whatever it takes to protect both. Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step.”

“In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.”

Twitter accepts buyout, giving Elon Musk total control of the company https://t.co/oPwAgAAs6S pic.twitter.com/rU9V49QMva

— The Verge (@verge) April 25, 2022

“Elon’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one. This is also @paraga’s goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path…I believe it with all my heart.”

A precise date for Musk and Twitter’s deal to close hasn’t been given yet, though it is expected to be finalized by the end of the year.