Billionaire entrepreneur Elon Musk agreed to buy Twitter for $US44 billion ($61.4 billion), using one of the biggest leveraged buyout deals in history to take private a 16-year-old social networking platform that has become a hub of public discourse and a flashpoint in the debate over online free speech.

Investors will receive $US54.20 for each Twitter share they own, the company said in a statement. The price is 38 per cent more than the stock’s close on April 1, the last business day before Mr Musk disclosed a significant stake in the company, sparking a share rally. Twitter shares were 5.9 per cent higher at $US51.79 before the closing bell in New York.

Bloomberg