The board of Twitter has agreed to a $44bn (£34.5bn) takeover offer from the billionaire Elon Musk.

Mr Musk, who made the shock bid less than two weeks ago, said Twitter had “tremendous potential” that he would unlock.

He also called for a series of changes from relaxing its content restrictions to eradicating fake accounts.

The firm initially rebuffed Mr Musk’s bid, but it will now ask shareholders to vote to approve the deal.

Mr Musk is the world’s richest man, according to Forbes magazine, with an estimated net worth of $273.6bn mostly due to his shareholding in electric vehicle maker Tesla which he runs. He also leads the aerospace firm SpaceX.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Mr Musk said in a statement announcing the deal