Elon Musk is officially buying Twitter outright in a $44 billion deal

Twitter announced that it has accepted Elon Musk's offer to purchase the company for $44 billion, giving the billionaire total control of the social media platform.

Musk purchased the company for $54.20 a share, a price he named in an offering earlier this month, Twitter announced Monday. In a filing with the Securities and Exchange Commission Friday, Musk said he had secured funding for the deal.

The deal is subject to shareholder approval. Any decision about the purchase is expected sometime in 2022, however.

It isn't clear what exact impact Musk owning Twitter will have on the social media platform, or when any changes might take place. However, Musk has made it clear that he believes Twitter should do less to moderate content or ban users.

He also hinted that Twitter could remove ads from its Twitter Blue subscription, incorporate Dogecoin as a payment option, and add an "edit" button.

The billionaire became the largest individual shareholder earlier in April and briefly joined the company's board of directors. He eventually pulled out of that position — since it would bar him from owning more than 14.9% of the company — and made a bid to buy Twitter outright.

Twitter implemented a "poison pill" plan to fend off any hostile takeovers shortly afterward. Internally, some Twitter employees were reportedly "dismayed" or "concerned" about Musk purchasing the platform.