Twitter Board endorses Elon Musk Takeover

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Twitter Board endorses Elon Musk Takeover
22 Jun 2022
5 min read

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News Synopsis

Elon Musk, the Tesla billionaire, is one step closer to acquiring Twitter. According to a regulatory filing, the social media giant's board of directors recommended on Tuesday that its shareholders vote in favour of the proposed $44 billion sales.

According to a proxy filing with the Securities and Exchange Commission, the board unanimously "determined that the merger agreement is advisable and that the merger and the other transactions contemplated by the merger agreement are fair to, advisable, and in the best interests of Twitter and its stockholders."

The date for the vote has not yet been set by Twitter. In April, Musk offered $54.20 per share to take the company private. However, the company's stock has since fallen along with the broader market. On Friday, the stock closed at around $38, or 34% less than Musk's offering price.

The transaction has not gone as planned. Earlier this month, Musk threatened to cancel the deal entirely after Twitter refused to comply with his requests for data on spam accounts.

Twitter responded by saying it was still committed to the deal and was cooperating with Musk's requests for information. But, as recently as Tuesday morning, Musk stated that he was still seeking clarification on the true number of real Twitter users.

TWN Express News