[UPDATE] It is now official. Twitter is selling to Elon Musk.

Twitter said in a press release that it has entered into a "definitive agreement" to sell to Musk for $54.20 per share, which values the deal at around $44 billion. "Upon completion of the transaction, Twitter will become a privately held company," the company said.

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