How much will be Jack Dorsey’s share in Twitter’s $44 billion sale to Elon Musk?

Twitter has agreed to a nearly $44 billion sale to Elon Musk after almost the months-long saga. Investors will receive $54.20 for each Twitter share they own, the company said in a statement Monday.

The deal, which will rank as one of the biggest-ever leveraged buyouts of a listed company, would make former CEO Jack Dorsey earn around $860 million from his stake in the company, UK’s the Independent reported. Dorsey, who has been the face of the company, owns 2% in the company.

Twitter has not propelled Dorsey into the ranks of Silicon Valley’s newly-minted billionaires. The credit goes to Square, which for an estimated 88 percent of his $6.92 billion worth, makes Dorsey 341th on the Bloomberg Billionaires Index on Monday.

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Meanwhile, the latest agreement comes after a series of events, including Musk amass a stake of about 9%, launch a series of criticism at Twitter’s management, turn down a chance to join the company’s board and also announce a $54.20-a-share offer.

Musk, who has more than 83 million followers on Twitter, declared his intent to buy the company on April 14 and take it private. But his proposal was quickly dismissed by Wall Street as it was not known if he could come up with the money to do the deal. Twitter also adopted a “poison pill” defense that would prevent Musk from accumulating more of the company’s stock.

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Last week, Musk updated his proposal putting pressure on Twitter to more seriously consider his bid.

The deal ends Twitter’s run as a public company since its 2013 initial public offering.

“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,” Musk said in a statement.

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Twitter’s shares were up about 6% following the news.

Meanwhile, Musk hasn’t offered many details on exactly what changes he would oversee after becoming the owner of Twitter. However, it looks like the 50-year-old entrepreneur is interested in combating trolls on Twitter and propose changes to the Twitter Blue premium subscription service, including slashing its price and banning advertising.