Elon Musk has bought Twitter for $44 billion, the Tesla/SpaceX boss revealed Thursday.

In a statement on Twitter, Musk explained the reason behind the purchase.

“There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide in our society.”

Also Read | Musk enters Twitter headquarters with a sink, tweets: “Let that sink in”

He continues, “In the relentless pursuit of clicks, much of traditional media has fueled and catered to those polarized extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost.”

He says, “That is why I bought Twitter. I didn’t do it because it would be easy. I didn’t do it to make more money. I did it to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.”

While there has been no official statement from Twitter, Musk changed his bio on the social media site, calling himself the “Chief Twit.”

The 51-year-old later agreed with a rapper on the platform, Zuby, who suggested that Twitter should “find a way to compensate” monetize or partner “with its top creators, like every other social media app.”

“Absolutely,” the SpaceX founder wrote in response. 

Also Read | Elon Musk set to close Twitter deal by October 28: Report

Musk was earlier seen making a grand entry at the Twitter headquarters in San Francisco with a ceramic sink. He filmed his entry and posted it on Twitter with the caption: “Let that sink in.”

Musk had earlier said he will be finalising the Twitter deal by Friday, October 28.