Tech

Twitter board endorses Elon Musk takeover, urges investors to vote in favour of the deal

Business Insider US
Elon Musk. Andrew Kelly/Reuters
Elon Musk. Andrew Kelly/Reuters
  • Twitter's board of directors recommended shareholders vote in favour of Elon Musk's takeover. 
  • The acquisition is in the best interest of the company, they said in a regulatory filing on Tuesday. 
  • A shareholder vote is one of the final steps in Musk's $44 billion deal to take the company private.
  • For more stories go to www.BusinessInsider.co.za.

Tesla billionaire Elon Musk is one step closer to owning Twitter. 

The social media giant's board of directors on Tuesday recommended that its shareholders vote in favour of the proposed $44 billion sale, according to a regulatory filing.

The board unanimously "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," it said in a proxy filing with the Securities and Exchange Commission. 

Musk offered $54.20 per share to take the company private in April, valuing it at $44 billion.

However, shares of the company have since sunk alongside a broader market selloff. The stock closed at roughly $38 on Friday, 34% below Musk's offering price.


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