Elon Musk is set to buy Twitter for around $44 billion.
The 50-year-old entrepreneur is poised to buy the micro-blogging platform after he reached a deal that values each share at $54.20.
In a statement, the billionaire businessman said: "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.
"I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it."
The deal has already been unanimously approved by Twitter's board and it's expected that it will be officially closed later this year.
Bret Taylor, the chair of Twitter's independent board, has described the move as the "best path forward for Twitter's stockholders".
He said in a statement: "The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing."
Elon is already ranked as the richest man in the world, with an estimated net worth of almost $265 billion.
But he previously insisted that his ambition to buy Twitter was not a money-making exercise.
He said earlier in April: "Twitter has become kind of the de facto town square. So it's just really important that people have both the reality and the perception that they're able to speak freely within the bounds of the law. This is not a way to sort of make money.
"My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important. So the future of civilisation, but you don't care about the economics at all."