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Elon Musk’s $44 Billion Twitter Deal Gets Board Endorsement
(CTN News) – According to a regulatory filing Tuesday, Twitter’s board unanimously recommended shareholders approve the company’s sale to Tesla CEO Elon Musk for $44 billion.
A virtual meeting with Twitter employees last week confirmed Musk’s intention to proceed with the acquisition, but Twitter’s shares remain well below his offering price, signaling considerable doubt.
Elon Musk has offered $54.20 per share for each share before Tuesday’s opening bell, far short of the $38.98 price. When it offered Elon Musk a seat on the board before he offered to buy Twitter, the stock reached that level on April 5.
Twitter’s board of directors wrote to investors on Tuesday, saying that it “unanimously recommends that you vote to adopt the merger agreement.” If the deal were to close now, each investor would pocket $15.22 in profit.
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