Libyan dictator Moammar Gaddafi, the most wanted man in the world, has been killed, Libyan Prime Minister Mahmoud Jibril said today.

The flamboyant tyrant who terrorized his country and much of the world during his 42 years of despotic rule was reportedly cornered by insurgents in the town of Sirte, where Gaddafi had been born and a stronghold of his supporters.

“We have been waiting for this moment for a long time. Moammar Gaddafi has been killed,” Jibril said at a news conference in Tripoli.

He added that the rebel government will wait until later today or Friday to officially declare what it calls a state of liberation.

The National Transition Council earlier today said that its fighters found and shot Gaddafi in Sirte, which finally fell to the rebels today after weeks of tough fighting. Rebels now control the entire country.

Word of Gaddafi’s death triggered celebrations in the streets of Tripoli with insurgent fighters waving their weapons and dancing jubilantly.

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Earlier we reported …

Conflicting Reports: Gaddafi Dead or Only Wounded and Captured?

*Has he only been wounded captured or is he dead? That’s the bottom line question the world is asking about Moammar Gaddafi at this moment. To say it’s a fluid situation in Libya is an understatement. Here’s what Huffington Post is reporting:

Following the capture of Moammar Gaddafi’s hometown of Sirte, contradictory reports suggest that Colonel Gaddafi may have been killed or captured in Libya.

Al Jazeera and Libyan state television are reporting that Gaddafi has been killed during a gunbattle in Sirte. A senior National Transitional Council official, Abdel Majid, told Reuters by telephone that Gaddafi has died of wounds suffered during his capture in Sirte.

The U.S. State Department has not confirmed Colonel Gaddafi’s capture or death.

There are conflicting reports regarding whether Gaddafi has been killed or captured. However, in Tripoli, celebrations are already underway with gunfire and honking. “We’ve heard quite a lot of celebratory gunfire,” Caroline Hawley reports for the BBC.

Read/learn more at Huffington Post.