As Twitter stock has jumped more than 3%, the company is set to accept an offer from Elon Musk for about $44 billion or $54.20 a share.

Elon Musk is nearing a Twitter takeover. On Monday, reports swirled that Twitter is reaching an agreement for Musk to purchase the company for nearly $44 billion or $53.20 a share. With Musk as Twitter's second-largest shareholder – currently owning a 9.2% stake – the Tesla, Inc. chief executive officer is also speaking to potential partners and co-investors for the purchase, according to Bloomberg.

By Monday afternoon, it was confirmed that Twitter and Musk were inching towards a deal valued at $44 billion. In a statement via press release, Musk outlined some of his ambitions for the company. "I want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans," Musk said.

On Monday morning, shares of Twitter jumped 3.9% to $50.84 during trading in New York. Earlier this month, Musk – also the richest person in the world – offered to purchase the social media network, with a link to a regulatory filing.

“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk said in the filing. “Twitter has extraordinary potential. I will unlock it,” Musk added.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” he continued. “Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company."

According to Reuters, Twitter may announce that it accepted Musk's offer later today, once the company's board has met to recommend the transaction to Twitter shareholders,