LOS ANGELES (KNX) — Tesla and SpaceX CEO Elon Musk has cleared another hurdle toward becoming the sole owner of Twitter.
The social media platform’s board of directors unanimously recommended its shareholders vote to approve the company’s $44 billion sale, SEC filings show.
The board said the agreement was “fair to, advisable, and in the best interests of Twitter and its stockholders,”
Twitter shares remain well below Musk’s initial offer of $54.20 per share, casting doubt on its execution. The stock closed at $38 last week.
In an interview, Musk told Bloomberg that shareholders’ approval was one of several outstanding issues related to the deal.
The board’s letter to stockholders said its members “unanimously recommended that you vote ‘for’ the adoption of the merger agreement.” Shareholders were also encouraged to support “the compensation that will or may become payable by Twitter to its named executive officers in connection with the merger.”
If stockholders finalized the deal, investors would currently profit around $15 per share.