Elon Musk’s Twitter Deal Worth $44 Billion Reportedly Gets Unanimous Approval From Board

Tesla and SpaceX head Elon Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees

By Agencies | Updated: 21 June 2022 23:59 IST

Elon Musk’s Twitter Deal Worth $44 Billion Reportedly Gets Unanimous Approval From Board

Shares of Twitter were essentially flat just before the opening bell Tuesday

Highlights

Twitter's board said that it “unanimously recommends acquisition deal"
Musk was reluctant to talk about the deal at the Qatar Economic Forum
The company's stock last reached that level on April 5

Twitter's board has recommended unanimously that shareholders approve the proposed $44 billion (roughly Rs. 3,43,500 crore) 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.

On Tuesday at the Qatar Economic Forum in an interview with Bloomberg, Musk listed the approval of the deal by shareholders as one of several “unresolved matters” related to the Twitter deal.

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He said that his $44 billion move to take over Twitter remained held up by "very significant" questions about the number of fake users on the social network. Musk was reluctant to talk about the deal when asked at the Qatar Economic Forum, saying it was a "sensitive" matter. "There are still a few unresolved matters," Musk said by video link.

Shares of Twitter were essentially flat just before the opening bell Tuesday and far short of the $54.20 (nearly Rs. 4,200) per-share that Musk has offered to pay for each. 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 US 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 (nearly Rs. 1,200) for each share they own.

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