Elon Musk set to purchase Twitter for $44 billion

SAN FRANCISCO, Calif. (CNN) – Twitter announced Monday afternoon it is selling the company to Elon Musk for about $44 billion.

The news comes 11 days after the Tesla and SpaceX CEO shocked the industry by offering to buy the social media giant.

Less than a month ago, Musk revealed he had taken a more than nine percent stake in the company.

The deal will put the world’s richest man in charge of one of the world’s most influential social media platforms.

In a tweet Monday, Musk said he hopes his biggest critics stay on the platform to help bolster free speech.

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