Elon Musk acquires Twitter

Twitter announced the $54.20-per-share deal after a meeting with its shareholders. The deal comes just four days after Musk unveiled a financing package to back the acquisition.

The publicly traded firm will now become a private company owned by Musk, who negotiated a purchase price of $54.20 per-share,

"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,"

He was set to address Twitter employees in a Town Hall on what this takeover means to them and allay their fears.

“He would 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,

Mr Musk is the world's richest person, according to Forbes magazine, with an estimated net worth of $273.6bn

Mr Musk, who has more than 80 million followers on Twitter, has a controversial history on the platform himself.