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Twitter board endorses Elon Musk’s $44 billion take-over deal

Twitter shareholders okay $44bn Musk deal
Elon Musk

A regulatory filing on Tuesday revealed that Tesla CEO Elon Muk’s Twitter take-over bid has been endorsed by the social media giant’s board.

ABC News reported that Twitter’s board has recommended unanimously that shareholders approve the proposed $44 billion sale of the company to the billionaire.

Gadgets Africa reported that the world’s biggest crypto trading venue, Binance pledged $500 million to fund Musk’s takeover of Twitter to support free speech last Thursday.

Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees, though shares of Twitter remain far below his offering price, signalling considerable doubt that it will happen.

On Tuesday at the Qatar Economic Forum in an interview with Bloomberg, Musk listed the approval of the deal by shareholders as one of several “unresolved matters” related to the Twitter 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.

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