Elon Musk’s $44 billion bid to take Tesla private has been approved by shareholders, according to a regulatory filing. The deal, which values Tesla at $54.20 per share, will see Musk take the electric car maker private after over a decade as a publicly traded company. Musk cited the “substantial costs and distractions” of being public as a key reason for the move. The filing states that Tesla will terminate its Nasdaq listing upon completion of the merger. Musk, who owns around 17% of Tesla, has secured funding from Saudi Arabia’s sovereign wealth fund and other investors to finance the deal. The move has drawn scrutiny from regulators and sparked lawsuits alleging Musk misled investors over the buyout plan. However, Musk maintains taking Tesla private is in the company’s best interests.