Twitter Board of Directors Approves Elon Musk's Offer

21 June, 2022
Share with a friend

Twitter Board of Directors Approves Elon Musk's Offer

A new step brings billionaire Elon Musk closer to owning Twitter, after the Twitter site's board of directors recommended that its shareholders vote in favor of the proposed sale, worth $44 billion.

Twitter’s board of directors unanimously decided, on Tuesday, that “the merger agreement is desirable, and that the merger and other transactions stipulated in the merger agreement are fair and desirable and serve the interests of Twitter and its shareholders,” according to what was stated in a file of power of attorney with the securities and exchange commission.

Last week, Elon Musk reiterated his desire to move forward with the acquisition of Twitter during his first official meeting with the Twitter site's employees, although the shares of the social networking platform are still well below the offer price. And today, Tuesday, at the Qatar Economic Forum, Elon Musk listed shareholder approval of his purchase of Twitter as one of several “unresolved matters” related to the purchase.

Twitter shares were basically flat before the opening bell, today, Tuesday, and well below $54.20 per share, which Elon Musk offered to pay for each share.

The last time the company's stock reached this level was last April 5, when the Twitter board of directors offered Musk to join them, before the latter offered to buy the entire site.


Share with a friend