Twitter is on track to become a privately owned company after the social media platform agreed to a $44 billion buyout offer from Elon Musk.

The company confirmed the news in a statement released Monday (April 25).

"The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty and financing," Bret Taylor, Twitter's independent board chair, said. "The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."

Shareholders are set to be paid out to the tune of $54.20 per share. The statement made it clear that this was an offer well above what shares were going for at the start of the month.

Musk commented on the buyout and emphasized his commitment to free speech on the platform. The SpaceX and Tesla CEO also shared some potential plans for the app's future. Those include doing away with bots; working to authenticate and verify who is behind every account; and improving the way that the algorithm works.

Of course, he also commented on the momentous news on on the platform he will soon own.

"I hope that even my worst critics remain on Twitter, because that is what free speech means," he tweeted.

Check out his tweet below:

The news comes after Musk revealed himself to be the primary shareholder of Twitter earlier this month. According to The New York Times, the billionaire owned more than 9 percent of the company at the time.

Musk was not alone in taking to Twitter to respond to the news.

The social media platform has been flooded with reactions from other Twitter users all day. The response runs the gamut from good to bad with some even proclaiming that they are indifferent to Musk's purchase.

"Y'all know this doesn't end well, right," one user tweeted.

"So everyone will be verified once elon musk successfully gets twitter," another wrote. "Can't wait for this moment."

Other people joked about Musk's decision to purchase the app.

"Elon musk spending $43 billion to stop getting bullied on twitter when he could've simply been less annoying is insane," someone joked.

Some LGBTQ+ Twitter users seemed more nervous about the news. One user posited that there would be an influx of hateful "grooming"-related comments from other users in the aftermath.

Another user questioned how Musk could possibly protect free speech: "I just don't see how putting Twitter in the hands of one billionaire will enhance anyone's speech rights. Rights are not a gift that a billionaire distributes to the masses."

Some pointed out that Twitter being owned by Musk wouldn't be all that different, as many other media companies are owned by wealthy capitalists.

"In other words," someone wrote, "Twitter will continue to be bad for society."

Check these out plus more reaction tweets to the latest news about Twitter, below:

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