Elon Musk
Elon Musk Reuters

Twitter's board of directors has approved the sale of the company to Elon Musk for $44 billion.

Eleven board members discussed with Musk his proposal and examined it in recent days. Musk plans to fund the acquisition by loans backed by Morgan Stanley and other financial institutions.

Musk, Tesla's CEO and the richest man in the world, bought a 9% stake in Twitter earlier this month and almost joined the board, but eventually decided not to do so. If he had joined it would have limited the amount of shares he could hold in the company.

During the day, upon learning that the deal was likely to be closed, Musk tweeted on his Twitter account, "I hope even my worst critics stay on Twitter, because that means freedom of speech."

Fox News reports that former President Donald Trump will not return to Twitter despite the company's acquisition by Musk, and will use own his social network instead.