Twitter has agreed to sell itself to Elon Musk in a $44B (£35B) deal.

Investors will receive $54.20 for each Twitter share they own, the company said in a statement Monday. The price is 38% more than the stock’s close on April 1, the last business day before Musk disclosed a significant stake in the compan

Musk has indicated that Twitter will be in for a major change in social strategy with free speech foremost on the agenda.

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