Twitter announced their acceptance of an acquisition offer from Tesla CEO Elon Musk. The offer was for $44 billion. After the transaction is finalized, Twitter is going to transition into a private company.

Twitter's board resisted Musk's effort to acquire the social media, but things changed when Musk released proof of funding last week.

The board's message announcing acceptance from this week:

Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.