Business magnate Elon Musk has announced an agreement to purchase Twitter for $44 billion. The deal marks his latest attempt to expand his foothold beyond electric cars and space exploration. Elon Musk, one of the most successful men in the world, will take control of a social media platform that has enabled political leaders and other important figures to express themselves.

Twitter agreed to be purchased by Musk for $54.20 a share—a 38% premium over its current stock price before his announcement that he was the company’s largest shareholder. The $44 billion deal is the largest-ever private purchase of a company in at least two decades. To learn more, watch the video.