Why did Elon Musk buy Twitter?

And what will he do with it?

Billionaire Elon Musk has offered $54.20 per share to buy Twitter. (Brendan Smialowski/AFP/Getty Images)

Elon Musk’s bid to buy Twitter, once thought of as a long shot, has now been accepted.

The billionaire will pay about $44 billion for the company in a deal expected to close this year, Twitter said in a news release Monday.

Musk was so motivated to buy Twitter that he put in a “best and final offer” for the company, announced he had a Plan B if that failed and met privately with several large Twitter shareholders to convince them about his bid.

Musk offered $54.20 per share for Twitter and outlined his plan to secure $46.5 billion to finance his deal. Twitter’s shares spiked Monday morning on reports that the company could be nearing a deal with Musk.

So why does the world’s richest person, who already leads electric-car company Tesla and aerospace company SpaceX, want to buy the social media company?

Here’s what he’s said about his plan and how fast he could change things.