Twitter Board Recommends Shareholders Approve $44 Billion Sale to Elon Musk
Twitter’s board of directors unanimously recommended that shareholders approve the $44 billion dollar sale of the company to Elon Musk, according to a US Securities and Exchange Commission filing Tuesday. The Tesla and SpaceX CEO struck a deal back in April.
The board said it “determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders,” in a letter to investors included in the SEC filing. “Twitter’s Board of Directors unanimously recommends that you vote: “FOR” the adoption of the merger agreement.”
The letter did not specify when the vote will take place, but Bloomberg reported that it could happen. Though the company’s share prices are down considerably from the $54.20-per share Musk , he continued to signal his intent to go forward with the deal in a meeting with Twitter employees last week where he reportedly said .
Twitter declined to provide additional comment on the matter.