Social Media

Twitter board recommends approval of Elon Musk's $44 billion deal

Aneeka Chatterjee | | Updated on: Jun 22, 2022
Elon  Musk file photo

Elon Musk file photo | Photo Credit: JOE SKIPPER

Musk listed the approval of the deal by shareholders as one of several “unresolved matters” related to the Twitter deal.

Twitter’s board has recommended unanimously that shareholders approve the proposed $44 billion sale of the company to Tesla CEO Elon Musk, according to a regulatory filing on Tuesday. Musk had plans to gain ownership and privatise the social media platform.

Earlier this month, Musk restated his inclination to go ahead with the acquisition during a virtual meet with Twitter employees. Musk also stated that he had been sceptical about the deal happening as Twitter shares remained far below the offer price.

In an interview with Bloomberg at the Qatar Economic Forum, Musk said that the approval of the deal by shareholders was one of the “unsolved matters” about the bid.

The shares of Twitter was quoting around $39 per share prior to the market opening on Wednesday and far short of the $54.20/share that Musk had offered. 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 Securities and Exchange Commission (SEC) on Tuesday, Twitter's board of directors said that it “unanimously recommends that you vote (for) the adoption of the merger agreement".

Also read: Twitter plans to update its algorithm with introduction of “edit button”.

Published on June 22, 2022
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