Twitter Board Endorses Elon Musk’s $44 Billion Deal

According to a regulatory filing on Tuesday, the board of Twitter has unanimously recommended that shareholders approve the proposed $44 billion sale of the firm to Tesla CEO and billionaire Elon Musk.

While shares of Twitter remain considerably below his selling price, indicating significant doubt that it will happen, Musk restated his willingness to press forward with the acquisition last week during a virtual meeting with Twitter employees.

In an interview with Bloomberg on Tuesday at the Qatar Economic Forum, Musk named the approval of the agreement by shareholders as one of numerous ‘unresolved problems’ pertaining to the Twitter acquisition.

Read Also: Twitter Moves To Share Data With Musk To Resolves Deal

Shares of Twitter Inc. were essentially flat just before the opening bell Tuesday and far short of the $54.20 per-share that Musk has offered to pay for each. The company’s stock last reached that level on April 5 when it offered Musk a seat on the board before he had offered to buy all of Twitter.

In a filing with the U.S. Securities and Exchange Commission detailing on Tuesday detailing a litter to investors, Twitter’s board of directors said that it ‘unanimously recommends that you vote (for) the adoption of the merger agreement.’ If the deal were to close now, investors in the company would pocket a profit of $15.22 for each share they own.

Twitter had last week concluded plans to yield to Elon Musk’s demand for its internal data center to a standoff over his troubled $44 billion bid to buy the social media platform.

Africa Today News, New York had earlier reported that the Tesla chief had on Tuesday threatened to back out of his deal to purchase Twitter, accusing it of failing to provide data on fake accounts.

According to a credible source, Twitter’s board has decided to let Musk access its full ‘firehose’ of internal data associated with the hundreds of millions of tweets posted daily at the service.

Africa Today News, New York

Leave a Reply

Your email address will not be published.