Twitter Inc. agreed to be acquired by an entity wholly owned by Tesla Inc. CEO Elon Musk in an all-cash, go-private deal worth about $44 billion. Under the deal, Twitter shareholders will receive $54.20 in cash for each share of Twitter common stock owned upon closing of the proposed transaction, representing a 38% premium to the company's closing stock price April 1, the last trading day before Musk revealed his 9.2% stake in Twitter on April 4. Twitter Chair Bret Taylor said the company's board underwent a "thoughtful and comprehensive process" in assessing Musk's proposal. Twitter's board initially adopted a shareholder rights plan in response to the acquisition bid. Musk secured funding commitments for his bid for Twitter, including $25.5 billion of debt and margin loan financing. Musk is also providing an equity commitment of about $21.0 billion.