Elon Musk's $44 Billion Twitter Deal Gets Board Endorsement

Voice of America
22 Jun 2022, 00:35 GMT+10

New York - Twitter's board has recommended unanimously that shareholders approve the proposed $44 billion sale of the company to billionaire and Tesla CEO Elon Musk, according to a regulatory filing Tuesday.

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, signaling considerable doubt that it will happen.

Shares rose about 3% to $38.98 before the opening bell Tuesday, far short of the $54.20 per-share that Musk has offered for each share. 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.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Professional Autos.

More Information

27 ℃

Mostly Cloudy in Seletar

Business

Section

Poland tells banks to give savers higher interest or expect more taxes

WARSAW, Poland: As Poland's main interest rate remains at its highest level since 2008, boosting the profits of Polish banks, ...

Asian stocks in major slide, Nikkei 225 drops 316 points

SYDNEY, NSW, Australia - Stocks across Asia lost ground on Wednesday, although the New Zealand market defied the regional trend ...

EasyJet boss quits due to flight cancellations

LONDON, England: After EasyJet canceled thousands of flights this summer to limit the disruption caused to passengers from both air ...

Chip shortage causes GM to store 95,000 incomplete cars

DETROIT, Michigan, global shortage of computer chips, vehicles, Detroit automaker, General Motors, GM's total salesDETROIT, Michigan: The global shortage of ...