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(Pocket-lint) - Twitter has accepted Elon Musk’s bid to buy it for $44 billion.

The tech entrepreneur and billionaire will purchase Twitter at $54.20 a share, the same price as his initial offer on 14 April 2022. Although reports suggest Musk's purchase should close with little regulatory trouble, there are still concerns about the direction Twitter will take under Musk's stewardship, largely because it's unclear what changes he plans to implement. In a press release on Monday, Musk said he wants to make the social network 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".

Keep in mind, when he first offered to buy Twitter, Musk disclosed he bought a 9.2 per cent stake in the company, making him Twitter’s largest shareholder at the time. Then, he immediately polled users about an "edit" button -- but Twitter was already developing such a feature.

Musk has also been critical of Twitter moderation.

During TED 2022, Musk said he believed "civilizational risk is decreased the more we can increase the trust of Twitter as a public platform". Then, in his statement on Monday, Musk elaborated on that sentiment: "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 said.

Musk outlined his plan for funding the deal in an SEC filing last week, specifying $25.5 billion in loans and $21 billion in personal equity.

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Meanwhile, of the deal, Twitter CEO Parag Agrawal has said: "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."

Writing by Maggie Tillman.