Twitter’s board endorses Elon Musk's $44 billion deal

Elon Musk attends The 2022 Met Gala Celebrating "In America: An Anthology of Fashion" at The Metropolitan Museum of Art on May 02, 2022 in New York City
Photo credit Getty Image

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.

Photo credit @KNXNews

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 finalize the deal, investors would currently profit around $15 per share.

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Featured Image Photo Credit: Getty Image