India, Sept. 25 -- Billionaire entrepreneur Elon Musk has struck a deal to acquire Twitter for around $44 billion (Rs.3.3 lakh crore), the company confirmed. Once the sale is completed, the microblogging platform will become a privately held company.

Musk, the outspoken Tesla chief and the world's richest person, said he is buying Twitter because he believes the platform has failed to reach its true potential as a space for "free speech." He insists that transforming the company into a private entity is essential to building user trust and fulfilling what he calls the "societal imperative" of open expression.

"Twitter has a purpose and relevance that impacts the entire world," CEO Parag Agrawal posted. "Deeply proud of our teams and ins...