Elon Musk’s $44 Billion Deal to Buy Twitter Gets Board Endorsement
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Twitter’s board of directors unanimously recommended that shareholders approve the $44 billion sale of the company to Elon Musk, according to a Tuesday. The Tesla and SpaceX CEO struck a deal back in April .
In a letter to investors included in the SEC filing, 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.”
The letter didn’t specify when the vote will take place, but Bloomberg reported it could happen . Though the company’s share price is down considerably from the $54.20 per share that 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.
The board’s recommendation wasn’t a surprise, since the group had already , but it’s the latest step in an ongoing process that’s had its share of twists, turns and uncertainties. Musk earlier of the deal if Twitter couldn’t supply proof that less than 5% of the platform’s accounts were bots. He Twitter of “actively resisting and thwarting” his request for turnunique information on bots, but the company to provide the data.
The bot issue and shareholder approval are two of the three things that need to be resolved before the deal can be completed, Musk said in an with Bloomberg on Tuesday at the Qatar Economic Forum. The third issue is whether the will come together, Musk said.
Musk also has signaled that he’d be open to a renegotiation of the terms of the deal, saying that a lower price isn’t “out of the question.” However, Twitter has indicated it doesn’t intend to renegotiate the deal that’s in place.
Twitter co-founder and former CEO Jack Dorsey in April , saying Musk is the “singular solution” he trusts.