Its official! Twitter is now owned by Elon Musk. The world's richest man and Tesla and SpaceX owner will now privately own Twitter. Here's the detail:

After several rife, Elon Musk has finally bought Twitter at a valuation of 44 million USD. 

After this deal, Twitter stock owners will get a value of $54.20 per share. The purchase amount is 38% greater than Twitter's stock price on 1st April.

Elon Musk's inspiration behind the acquisition is the idea of free speech. He tweeted, “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.”

To integrate his idea of free speech for Twitter, Elon Musk is likely to make Twitter algorithm open source. 

Twitter CEO Parag Agrawal has assured his employees that the company is not planning to do cost-cutting after the Musk-Twitter deal. Though, he told, "there is indeed uncertainty about what will happen after the deal closes."

Everyone is eyeing to witness some new features on Twitter, the key update it could get is the implementation of an edit button. Mr Musk is also gearing to remove bot accounts and introduce an authentication module.