The board of Twitter has agreed to Elon Musk’s takeover offer of $44 billion after Musk made the shock bid barely a fortnight ago.

Initially, the board turned down the offer but will now put the deal to vote by stakeholders to approve it.

Musk said the social media platform has a tremendous potential that he intended to unlock.

"Twitter has tremendous potential. I look forward to working with the company and the community of users to unlock it,” Musk said.

In a statement announcing the deal, Musk said free speech is the backbone of a functional democracy and Twitter is the digital town square where pertinent matters are discussed.

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"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," Musk said.

The world's richest man Musk said he wants to make the platform better by introducing new features and improving security.

"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," he said.

The chairperson of Twitter board Bret Taylor said the company had conducted an extensive assessment of Musk’s proposal for the deal.

He added that the proposed deal will deliver a substantial cash premium and is the best way for forward for Twitter’s stakeholders.

"The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders," Taylor said.

Musk is a renowned entrepreneur, investor, and business magnate. He is also the founder and CEO of various notable companies such as SpaceX, Tesla, The Boring Company, among others.

According to Forbes Magazine index of the richest people in the world, Must is ranked first with a net worth of $219 billion.

Twitter was founded 16 years ago by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and launched in July of that year.