Elon Musk will pay $54.20 cash per share for the San Francisco-based company, which will now be taken private after days of intense negotiations between the entrepreneur and the platform’s board. Photo: The Independent

The deal was announced by the social media platform on Monday after days of negotiations between the world’s richest person and the Twitter board.

Musk will pay $54.20 cash per share for the San Francisco-based company, which will now be taken private after days of intense negotiations between the entrepreneur and the platform’s board.

The board announced it had reached a deal with Musk on Monday, and that it represented a 38 per cent premium from Twitter’s closing price on 1 April, the day before the world’s richest person made his move for the company by announcing his nine per cent stake.

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• How much will Jack Dorsey make from selling Twitter to Elon Musk?

Trump's Truth Social tops iPhone app download chart after Musk's Twitter deal

Former US president Donald Trump’s social media platform Truth Social was the most downloaded free iPhone app in the App Store on Tuesday following Tesla chief Elon Musk’s deal to buy Twitter for $44bn.

Truth Social downloads have reportedly risen to 75,000 for the week of 18 to 25 April.

The figure for Truth Social downloads is up 150 per cent from the week before, according to data from Sensor Tower, a company that monitors mobile apps metrics.

This spike in Truth Social downloads comes after reports that downloads had fallen after a messy launch of the platform.

The former US president’s app has been downloaded roughly 1.4 million times to date since its launch in February.