The world's richest man, 50, agreed to pay shareholders $54.20 in cash for each share of their common stock

The move shifts control of the social media platform populated by millions of users to the world's richest man

The Tesla magnate vowed to protect free speech online, 'defeat the spam bots' and 'authenticate all humans'

He said he would 'enhance the product with new features' and 'make algorithms open source to increase trust'

Parag Agrawal said he was 'proud of our teams and inspired by the work that has never been more important'

Chair Bret Taylor said the board 'conducted thoughtful and comprehensive process to assess Elon's proposal'