The world’s richest man has struck a deal to buy Twitter for US$44 billion ($61 billion).

After weeks of speculation, the Tesla and SpaceX owner Elon Musk paid $54.20 per share for Twitter after intense negotiations with the board.

The transaction has been approved by the board and is now subject to a shareholder vote.

Musk later tweeted he wants to make the platform “better than ever”, with new features, open source algorithms and the authentication of all users. The Tesla owner says a public platform that is “maximally trusted and broadly inclusive is extremely important to the future of civilisation”.

He’s previously emphasised the need for free speech on the platform and aired concerns about content moderation.

But digital social media and psychology expert at the University of Southern California, Professor Karen North, says there’s likely another reason Musk is buying Twitter.

Press PLAY to hear her interview with Liam Bartlett on 6PR Mornings