The deal, which will take the company private, caps off a whirlwind period in which the Tesla and SpaceX CEO became one of Twitter’s largest shareholders, was offered and turned down a seat on its board and bid to buy the company all in less than a month.

Under the terms of the deal, shareholders will receive $54.20 in cash for each share of Twitter stock they own, matching Musk’s original offer and marking a 38% premium over the stock price the day before Musk revealed his stake in the company.

Twitter said Musk secured $25.5 billion of debt and margin loan financing and is providing a $21 billion equity commitment.

“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Twitter independent board chair Bret Taylor said in a statement, calling the deal” the best path forward for Twitter’s stockholders.”

In an internal message to employees obtained by CNN, Twitter CEO Parag Agrawal said he would hold an all-hands meeting with Taylor on Monday afternoon to answer questions about the deal. “I know this is a significant change and you’re likely processing what this means for you and Twitter’s future,” he said.

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