The board of social networking app, Twitter, has reportedly accepted billionaire Elon Musk’s $44-billion offer to take control of the company.

The offer received the green light coming out of a meeting on Monday.

Under the terms of agreement, Twitter will become a private company and shareholders will receive $54.20 per share.

According to a Wall Street Journal publication, this marks one of the biggest acquisitions in tech history.

This will likely have global repercussions for years in relation to how people use social media.

Musk first made the bid less than two weeks ago.

In a Twitter post, Musk claimed he was the right person to “unlock” Twitter’s “extraordinary potential”.

Elon Musk was ranked the world’s richest man by Forbes magazine.

His estimated net worth is $263.6bn, which is mainly attributed to his ownership of shares in electric vehicle company Tesla, and aerospace firm SpaceX.

Musk has pledged to introduce a new regime which includes addressing free speech concerns, extending the length of tweets and moving away from ads on the platform.