Twitter announced on Monday that it will become a privately held company following its board of directors accepting a bid from Bitcoin billionaire Elon Musk to purchase the firm’s stock for $54.20 per share in cash — roughly $44 billion. Though the transaction is expected to close in 2022, it is still subject to the approval of Twitter stockholders as well as certain regulators.

Elon Musk, with more than 83 million followers — far more than former Twitter CEO Jack Dorsey at 6.3 million — may influence behavior on the platform and social media as a whole as a result of the purchase.

The Tesla CEO said on April 14 that one of his top priorities for Twitter would be to eliminate “spam and scam bots and the bot armies,” including those connected to crypto scams.

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