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Breaking: It’s official. Elon Musk enters into agreement to buy Twitter.

Elon Musk has entered into a definitive agreement to buy Twitter for $54.20 per share in a cash transaction that is valued at approximately $44 billion, Twitter Inc. announced Monday.

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

“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,” said Twitter CEO Parag Agrawal.

This is a developing story and will be updated.